ZAGREB, January 10, 2019 - Croatia's government on Thursday sent to parliament a draft act on the ratification of the treaty on the establishment of Inter-American Investment Corporation.
Based on the 1993 regulations on the succession to the former Socialist Federal Republic of Yugoslavia (SFRY), Croatia's adoption of the relevant legislation on the membership of IDB (Inter-American Development Bank) implies that Croatia embraces that membership and thus possesses 6,895 shares worth 83.8 million dollars in the IDB bank's equity, Finance Minister State Secretary Zdravko Zrinušić said at the government's meeting today.
In 2015, the annual general assembly of the IDB and the Inter-American Investment Corporation adopted a resolution on the consolidation of the private sector of the IDB Group into the Inter-American Investment Corporation.
Considering that resolution, the Croatian government on 22 March 2018 adopted a decision on launching the procedure for the establishment of Inter-American Investment Corporation.
The purpose of the proposed legislation is to ratify the contract on the foundation of Inter-American Investment Corporation.
"The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank (IDB) Group, is a multilateral organization based in Washington, D.C., that is committed to the development of Latin America and the Caribbean through the private sector," the IIC says on its website.
"As part of its mission, the IIC supports the private sector and state-owned enterprises through financing in the form of loans, equity investments, and guarantees. The IIC also partners with clients to provide advisory and training services.
"In January 2016, the IDB Group consolidated its private sector operations in the IIC to better serve the region, clients and partners, and to maximize its development impact. The consolidated IIC offers the full array of private sector products and services previously offered across the IDB Group," according to the information on the IIC website.
The decisions made by the Croatian government will facilitate the access of Croatian companies to the tenders advertised by the IDB Group.
More news on Croatia’s economic policies can be found in our Business section.
