First Croatian Erasmus+ Master Student Loan Guarantee agreement

The European Investment Fund (EIF) and Privredna banka Zagreb (PBZ) have signed the first Erasmus+ guarantee loan agreement in Croatia for mobile master's students. 

This agreement will provide financial support for students from Croatia, studying for their Master degree in one of the 33 Erasmus+ Programme Countries. The loan will be provided at favourable conditions thanks to the EU support. The EUR 600,000 agreement between EIF and PBZ is the first in Croatia under the new Erasmus + loan guarantee scheme financed by the European Union and managed by the European Investment Fund.

Tibor Navracsics, EU Commissioner for Education, Culture, Youth and Sport, said: “I very much welcome this new agreement with Privredna Banka Zagreb. Erasmus+ loan guarantee agreements are key to make studying abroad the norm for all European students, no matter what their country of origin or financial situation at home is.”

EIF Chief Executive, Pier Luigi Gilibert said: “I am delighted that we have signed our first Erasmus+ Master Student Loan Guarantee agreement in Croatia with Privredna banka Zagreb. This new programme helps to bridge the financing gap that students face when choosing to pursue a Master's degree in another country. Helping Privredna banka Zagreb to launch this new product will support the mobility of high-potential students who will be instrumental in creating growth and innovation in Europe."

Dinko Lucić, CEO of Privredna banka Zagreb, said: "We are very pleased that PBZ is the first bank in Croatia to participate in the Erasmus+ program. Once more we have demonstrated our commitment to the continuous development of adequate solutions which recognize the current client needs and meet them in a very effective and competitive way.  Students are the driving force of society, and Erasmus+ Student Loans is a product designed for those students who wish to improve their knowledge and gain higher level education as part of the selected Master's Degree Programs abroad.

Erasmus+ Student Loans will be available in PBZ in Q1 2019 at more favourable loan terms and conditions (attractive interest rate, with no fees charged and without a guarantees by parents/guardians, i.e. co-debtorship required).

Thanks to EU support, this new Erasmus+ guarantee scheme allows EIF to provide capped guarantees and counter-guarantees to financial intermediaries which in turn grant loans to students who will move to undertake a master's degree in another country taking part in the Erasmus+ programme.

EIF has launched a Call for Expression of Interest targeting financial institutions and other intermediaries which provide finance to mobile master students. Interested financial institutions can find further information on the programme and application process on EIF’s website at www.eif.org.

About EIF

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.

About PBZ:

Privredna banka Zagreb d.d. (PBZ), a member of the Intesa Sanpaolo Group, is the second largest banking group in Croatia, with more than 1.6 million customers and the most extensive network of 194 branches in the country. On top of its core banking services the PBZ Group offers a diverse range of specialised services including leasing, credit card services, real estate business and fund management. www.pbz.hr

About Erasmus + Master Loans

The Erasmus+ programme, of which the Erasmus+ Master Student Loan Guarantee Facility is part, is the biggest mover of students in the EU, with around 300.000 higher education students and staff studying, working or undertaking a traineeship in another European country every year. It is managed by the European Commission's Directorate General for Education and Culture (DG EAC) and its executive agency. The DG's activities in education are also framed by the Education and Training 2020 strategy (ET2020), which contributes on education to the Europe 2020 strategy, designed to promote growth and jobs in Europe.

Press contacts:

EIF:
David Yormesor
Tel.: +352 42 66 88 346
E-mail: d.yormesor@eif.org

PBZ:
Dražen Dumančić
Tel.: + 385 1 63 60259
E-mail: drazen.dumancic@pbz.hr