The FINANCIAL — The EBRD Board of Directors has approved a new strategy for Croatia which sets out the priorities for the Bank’s work in the country for the period 2017-21.
The Bank aims to support Croatia in achieving sustainable growth by addressing the following challenges:
Support private sector competitiveness through fostering innovation, as well as operational and resource efficiency, improvement of the business climate, and economic inclusion. The EBRD will continue to support larger domestic corporates and small and medium-sized enterprises seeking to adopt modern operational and management practices. It will also continue to support foreign direct investments that produce technology transfers and serve to integrate the local economy into global value chains. The Bank’s policy dialogue in this area will focus on fostering an institutional environment that is conducive to innovation and sustainability.
Deepen financial markets to broaden access to finance, with a focus on capital market development. The Bank will continue to provide long-term funding directly to local companies and through partner financial institutions and aim to blend financing with capacity-building. The EBRD will support further diversification of financing sources and continue to provide advisory services. In line with the objectives of the European Commission’s Capital Markets Union initiative, the Bank will promote the development of local capital markets and their integration into global financial markets.
Promote commercialisation of public companies, including the improvement of corporate governance and support for the privatisation of state-owned companies. The EBRD will work with the authorities to accelerate the reform of public firms by promoting commercialisation and increased private-sector participation, enhancing corporate governance and implementing financial and operational improvement programmes with a focus on energy and resource efficiency.
Vedrana Jelušić Kašić, EBRD Regional Director, Croatia, Hungary, Slovak Republic and Slovenia, said: “The new strategy is an important milestone as it defines the parameters for our work in the country. In close consultation with the authorities and Croatian businesses we have been able to analyse the state of the economy and to identify areas where the EBRD will be able to continue making an important contribution to the sustainable development of Croatia’s economy.”
The EBRD signed its first project in Croatia in 1994 and has invested €3.57 billion in 195 projects to date. The Bank’s activities cover all areas of the economy but are especially strong in the infrastructure, corporate, financial institutions and energy sectors, according to EBRD.
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