Washington, DC, February 13, 2002

A bilateral agreement, summarizing the past successful cooperation and laying the foundation for the future, was signed between the Croatian Bank for Reconstruction and Development (HBOR) and the Ex-Im Bank of the United States at the Croatian Embassy in Washington, D.C. The Agreement was signed by Antun Kovacev, Chairman of the Board of HBOR and Eduardo Aguirre, Vice Chairman and the first Vice President of the Ex-Im Bank, an independent U.S. Government agency that promotes U.S. exports and assists foreign countries to obtain U.S. goods and services. Ex-Im Bank, that already has a regional office in Zagreb, and HBOR discussed the further mutual interests and possible joint investments.

Mr. Kovacev and Mr. Aguirre agreed that this agreement opens a new chapter for the cooperation of the two banks, and said the 70-year-old Ex-Im and 10-year-old HBOR will do their best to encourage and support the expansion of trade among the exporters in both countries.

The cooperation of the two banks started in Dubrovnik in October 2001 where the Ex-Im Bank held a one-day conference on doing business in Southeastern Europe. The purpose of the conference was to provide U.S. exporters and investors with information on U.S. government finance and investment programs. Croatia was chosen as a place for the conference due to the U.S. businesses' view on Croatia as particularly well situated to attract international trade and investment.

Mr. Aguirre further added that Croatia is a very important partner for the Ex-Im Bank, which is confirmed by the fact that the Bank’s only regional branch is in Zagreb, Croatia.