Zagreb - Parliament on Friday adopted the Law on Strategic Investment Projects which is aimed at strengthening the investment climate and making procedures for preparing investment projects simpler and faster.
The law lowers the value of an investment to be considered as a strategic project from the current HRK 150 million to HRK 75 million, while the criterion for project in areas of special state concern, islands and those from the farming production sector, fisheries and forestry are reduced from 20 to 10 million kuna.
Securities as proof of financing is being also changed. Until now investors were required to make a deposit or provide a bank guarantee for 10% of the total value of a project whereas with the new law, the amount of that deposit is being reduced to 5%. A bank letter stating that it is prepared to finance a project will also be considered as a sufficient source of financing. Investments made during the project's preparation will also be recognised if that value accounts for at least 5% of the total value of the project.
Parliament amended the Law on Obligatory Relations and decided that while several bills would receive second reading including a set of six judicial bills which will merge misdemeanour courts with municipal courts and define new procedures for the Supreme Court and chief state prosecutor. The government described the package as a mini judicial reform while the Opposition claimed that these a just cosmetic touch ups. The national legislature took note of reports by the Steering Council of the HINA news agency for 2014 and 2015 and adopted the 2016 report. (Hina)