OFFICIAL
DOCUMENTS
THE WORLD BANK World Bank Office Croatia
IBRD* IDA I WORLD BANKGROUP  Radnidka cesta 80/IX, 10000 Zagreb, Croatia
Tel: (+3851) 2357 222, Fax: (+3851) 2357 200
diec      2-   .     22      , 2017
His Excellency
Zdravko Maric
Minister of Finance
Republic of Croatia
Re:    Republic of Croatia: Loan No. 8518-HR
Innovation and Entrepreneurship Venture Capital Project
Amendment Letter
Dear Mr. Minister:
We refer to the Loan Agreement for the Innovation and Entrepreneurship Venture Capital Project,
Loan No. 8518-HR entered into between the International Bank for Reconstruction and Development (the
Bank) and the Republic of Croatia (the Borrower) dated July 8, 2015 for the above-referenced Loan ("Loan
Agreement"). We also refer to the Borrower's letters dated August 28, 2017 and December 1, 2017,
received by the Bank on September 1, 2017 and December 6, 2017, respectively, requesting certain
amendments to the Loan Agreement.
I am pleased to inform you that, after careful consideration, the Bank bas agreed to the
aforementioned requests. Therefore, the Loan Agreement shall be amended as follows:
1. The table in the Section IV.A.2 of Schedule 2 of the Loan Agreement is hereby amended to read
as follows:
Amount of the Loan         Percentage of
Allocated           Expenditures to be
Category                                                 financed
(inclusive of Taxes)
(1) PVC Investments                                           0           100%
(2) PVC Management Operating Costs                            0           100%
(3) SCI Subprojects                                  361,891.60           100%
(4) Consultants' Services, Training and              21588205             100%
Operating Costs
(5) Unallocated                                               0
Cancelled amount as of October 6, 2017, in
accordance with the provisions of Schedule           12,000,000
2, Section V.2. of the Loan Agreement
Cancelled amount as of December 6, 2017,
in accordance with the Section 7.01. of the         7,422,226.35
General Conditions
TOTAL AMOUNT                                         20,000,000
2. The Closing Date in the Section IV.B.2 of Schedule 2 of the Loan Agreement is modified to read
December 31, 2017.
A revised amortization schedule will be sent to you separately.


-2-                    December22, 2017
Please confirm your agreement to the foregoing amendment by signing and dating the confirmation
on the enclosed copy of this Amendment Letter and returning it to us. This amendment will come into force
and effect as of the date of your countersignature, upon receipt by the World bank of one countersigned
original of this amendment letter.
Sincerely,
INTERNATIONAL BANK FOR
RECTION AND DEVELOPMENT ,
CouLryMpdger for the Republic of Croatia
CONFIRMED AND AGREED:
REPUBLIC OF CROATIA
By: p~   iQP1)K  11 KIC
Title:  t1t')fElK C)  rwK
Date:  )E( FmtH   , M  1011
Cc:
H.E. Martina Dalic, Deputy Prime Minister and Minister of Economy, Entrepreneurship and Crafts
Zagreb, Croatia
Ms. Natasa Mikus Zigman, State Secreatry, Ministry of Economy, Entrepreneurship and Crafts
Ms. Silvija Belajec, Head of Sector, Ministry of Finance
Ms. Tatjana Kovac Klemar, Head of Sector, Ministry of Entrepreneurship and Crafts
Mr. Vjeran Vrbanec, President of the Management Board, Hamag-Bicro
Mr. Frank Heemskerk, Executive Director, the World Bank


-3-                   December 22. 2017
Distribution:
Bcc:
Messrs/Mmes.       Correa, Khan, de Nicola, Kilroy. Milchevski, Lapres (GTCDR);
Marijanovic; Viyachka; Weber; Chikushi; Motta;
Region:
Croatia DL; ECA Safeguards; T&C GP ECA staff HQ; WFALN Zagreb;