JULY 6 2015 14:22h

HBOR supports Split shipyard in project to build world's biggest sailboat

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The Croatian Bank for Reconstruction and Development (HBOR) has supported the Brodosplit shipbuilding company in a project to build the world's biggest sailing ship for a client from Monaco, by issuing an insurance policy on the repayment of a part of a loan needed for the project, HBOR said in a statement on Monday.

Brodosplit signed the contract on building the passenger sailboat with Star Clippers Ltd. from Monaco. The purchase of the vessel is financed by Germany's KfW Ipex bank and another bank.

A precondition for the loan agreement for the vessel was the issuing of an insurance policy whereby HBOR would take over the risk of repaying a part of the loan approved by KfW Ipex to the commissioning party.

The vessel will be 162 metres long, it will have five masts and sails with a total area of 5,574 square metres. It will be able to accept 300 passengers, which will make it the biggest such vessel in the world.

The ship will be delivered in 2017.