Boosting sustainable investments in Croatia: EIB and EIAH support HBOR in providing advisory services for the public sector
The European Investment Bank (EIB) and the Croatian Bank for Reconstruction and Development (HBOR) yesterday signed an agreement to support HBOR in setting up its own advisory services and enhance its capacity to support investments in key sectors of the Croatian economy, such as environment, resource efficiency, circular economy, smart cities, and social infrastructure.
- With funding from the European Investment Advisory Hub (Advisory Hub) under the Investment Plan for Europe, HBOR will support investment projects in priority climate and social infrastructure sectors.
- HBOR will support a wide range of projects promoted by Local and Regional Self-Government Units (LRGUs), focusing particularly on underdeveloped regions, to boost the quality and volumes of public sector investments in Croatia.
- The EIB's support builds on the outcomes of previous advisory work undertaken jointly with HBOR under the Advisory Hub mandate of the Commission.
Thanks to the funding support of the Advisory Hub under the Investment Plan for Europe, HBOR will build its capacity to deliver technical assistance and advisory services to increase investment activity in priority sectors of the Croatian economy. HBOR will identify a pipeline of projects in need of advisory support and help Croatia`s LRGUs to prepare and implement pilot projects, stimulating investments and growth in underdeveloped areas.
European Commissioner for the Economy, Paolo Gentiloni, yesterday said:
“Thanks to a grant by the Investment Plan for Europe's Advisory Hub, the Croatian Bank for Reconstruction and Development (HBOR) will develop its own advisory services to help local and regional authorities to prepare and implement projects in key sectors like circular economy, smart cities, and social infrastructure. The project shows the benefits of tailored advisory support and technical assistance to boost the effectiveness of public sector investments to the benefit of citizens across Croatia.”
Dario Scannapieco, EIB Vice-President in charge of EIB operations in Croatia, yesterday said:
“We are proud to support HBOR in its effort to foster a green and sustainable growth in Croatia in the aftermath of an unfortunate year. With the resources of the European Investment Advisory Hub we will boost the know-how available to our local partners and help them achieve a more sustainable recovery by helping to prepare good quality projects focusing particularly on lesser developed regions.”
Tamara Perko, President of the Management Board of HBOR, yesterday said:
“Our main goal is to increase the quality and volume of sustainable public sector investments in the Republic of Croatia and thus contribute to the balanced social and economic regional development, which is one of the strategic goals of our business. By providing support to clients from the public sector for the development and structuring of investments as well as for the preparation of necessary documentation, we will enhance their successful realisation and the possibility of financing through the use of the EU funds.“
HBOR's Business Strategy for the period 2020-2024 identifies five strategic goals, one of which is the promotion of a balanced economic and social development of regions, urban and rural areas in Croatia. HBOR's advisory support will guide Croatian municipalities, cities and counties in the effective use of available EU funding and financing sources for projects contributing to the country's social and economic development. HBOR will also organise several awareness-raising and business development activities to inform local authorities of the existence of this new advisory support mechanism and on specific topics related to project structuring and preparation
This agreement builds on advisory and technical assistance previously provided by the EIB to public and private project promoters in the Croatia in the areas of energy efficiency, agriculture, smart cities, sustainable infrastructure and institutional capacities.
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