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2021-02-26 00:00:00
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*The EIB, part of the EIB Group, supports the Croatian economy with €342.5 million; total EIB investments in the country reach €7.06 billion.
* The EIF, the other arm of the EIB Group, invests record high of €187.9 million. Since 2016, the EIF has invested over €415 million in Croatia.
*EFSI is expected to mobilise some €771 million in investment in the Croatian economy.
EIB supports Croatian SMEs with €342.5 million
European Investment Bank lending in Croatia reached €342.5 million through six operations signed in 2020 in support of the country’s SMEs. Over 70% of this, or €245.5 million, was provided through cooperation with the Croatian Bank for Reconstruction and Development (HBOR), unlocking new sources of financing for SMEs and mid-caps. The remaining €97 million was made available to local companies through Croatian commercial banks. These activities brought total EIB investments in Croatia to €7.06 billion (since the beginning of operations in the country), with €4.97 billion invested in the last decade alone.
New source of finance for Croatian companies as EIF continues to support modernization of the local financial market
Croatian companies, start-ups, SMEs and mid-caps alike will benefit from new venture capital funds launched through EIF cooperation with HBOR. One of these VC funds, Prosperous Growth Fund, started operations in 2020. The fund is one of the three private equity funds supported by a joint €70 million investment from EIF and Croatian Bank for Reconstruction and Development (HBOR) expected to unlock up to €205 million for development and growth of SMEs and smaller MidCaps.
The joint investment will be managed by the EIF under the guarantees from the European Fund for Strategic Investments (EFSI). The Investment stems from Croatian Growth and Investment Programme (CROGIP), launched in 2019 by the EIF and HBOR.
EFSI attracts close to €1 billion to the Croatian economy
Over the past six years, EFSI – a joint initiative of the European Commission and the EIB launched to overcome investment gaps in the European Union, supported close to 1 200 SMEs in Croatia, sustaining approximately 16 500 jobs and mobilising €771 million in investment in the Croatian economy, according to the EIB methodology.
EIB Advisory services help attract € 654 million to Croatia
The EIB Advisory services continued to provide technical and financial advice to public and private partners in the country to create and implement sustainable investment projects and attract new investments in Croatia. The EIB Advisory supported 15 projects in 2020 with total investment cost of € 652 million. Four projects – a railway rolling stock renewal, a solid waste management, a water/wastewater and an E-school project) supported by one of the EIB advisory services, JASPERS, received EC approvals in 2020 worth in total €407million.
Support for the recovery of Croatia’s economy from COVID-19
In 2020, in response to the COVID-19 pandemic, the EIB distributed some €180 million in Croatia alone to help mitigate the effects of the pandemic on the local economy. The EIB Group is working with partners in Croatia on repurposing and extending existing SME and mid-cap loans to support the hardest-hit companies.
In partnership with Croatian financial institutions, new operations are being considered to unlock new sources of financing for SMEs and mid-caps operating in key sectors of the Croatian economy.
About the European Investment Bank in Croatia:
Total EIB lending commitments in Croatia since the start of the EU bank’s operations in the country stand at €7.06 billion. The EIB has invested in key sectors of the Croatian economy, including transport, the environment, energy infrastructure, manufacturing and services. A key component of the EU bank’s activity in the country is the promotion of small and medium-sized enterprises by increasing their access to long-term financing through local financial institutions.
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