ZAGREB, 5 May 2022 - The €372 billion InvestEU programme, providing the Croatian private and public sectors with opportunities for green and sustainable investments, innovation and new jobs, was presented on Thursday at a conference by the European Investment Bank and European Commission Representation in Croatia.

"InvestEU aims to provide more than €372 billion to public and private investors in the European economy in the period from 2021 to 2027. These investments will be enabled based on an EU guarantee of €26.2 billion, which will be used to support investments by InvestEU implementing partners such as the European Investment Bank (EIB)," it was said at the conference, organised by the EIB and European Commission (EC) Representation in Croatia in cooperation with the Croatian Chamber of Commerce (HGK).

The InvestEU programme builds on the successful model of mobilising investments, introduced by the Investment Plan for Europe, or the Juncker Plan, and combines the European Fund for Strategic Investments (EFSI) and 13 other EU financial instruments.

As a member of the EU, Croatia has an opportunity to accelerate its green and sustainable development based on long-term financing to be provided by InvestEU, primarily through investments in digital infrastructure, innovation, technology and skills, the EIB said in a press release.

This will empower citizens and EU economy with new generation technologies and accelerate the implementation of the EU Green Deal and "mobilise private investments for the EU's policy priorities such as the European Green Deal and the digital transition," the bank says.

The conference, held for representatives of state, public and private sectors, was addressed via video link also by Finance Minister Zdravko Marić.

The event discussed opportunities InvestEU provides and its priorities, components and available financing as well as consultancy in identifying and preparing projects, provided by the EIB Group as the lead implementing and advisory arm of the InvestEU programme.

InvestEU consists of three building blocks: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal.

EIB Vice-President Teresa Czerwinska said the programme will provide a significant stimulus to investments in many critical areas of the economy throughout the EU.

The programme is a key element of what so far is the EU's largest package of measures that will boost recovery from the COVID pandemic and will help build a greener, more digital and more resilient European economy, Czerwinska said, adding that InvestEU will also help Europe meet new challenges, including those related to the war in Ukraine.

The EIB will be a vital component in implementing the programme, which will increase investments in clean energy, education, digitisation and urban infrastructure, she said, calling on Croatia's public and private sectors to learn how to absorb as much funding as possible from this programme in cooperation with the EIB.

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June 14th, 2021 - The European Investment Bank (EIB) and the Croatian Bank for Reconstruction and Development (HBOR) on Monday signed the Covid Guarantee Agreement in the amount of €50 million for loans taken by Croatian mid-caps and large corporations to help them recover from effects of the COVID-19 pandemic.

In a joint press release, EIB and HBOR said the EIB contribution valued at €25 billion stems from the European guarantee fund (EGF) set up by EIB in 2020 to accelerate post-COVID recovery, job keeping measures, and to provide much-needed liquidity for European companies.

This is the first EIB operation in Croatia stemming from the EGF, following three EGF operations implemented by the European Investment Fund (EIF). The EIF operations provided guarantees for €350 million in loans. Today’s agreement with HBOR puts the total amount of loans guaranteed by the EGF in Croatia to €513 million,  the press release notes.

Teresa Czerwinska, vice president of the EIB, who is in charge of Croatia, said that the "EIB-HBOR agreement is good news for Croatian economy and local mid-caps and large corporations. It brings further economic relief crucial for faster recovery from the COVID-19 crisis."

Tamara Perko, President of the Management Board of HBOR, said that this Guarantee Agreement "will enable HBOR to approve loans with lower collateral requirements to mid-caps and large companies."

These benefits will be available for direct working capital loans and investment loans to mid-caps under the existing HBOR’s loan programs. It is our pleasure that the EIB has recognized HBOR as its first partner for cooperating under this program in Croatia, which makes it possible for us to offer further benefits to our entrepreneurs irrespective of their size," said Perko.

Croatian companies whose loans were approved six months before the agreement between EIB and HBOR can apply for the guarantees provided the loan agreements were signed after the European Commission approved state support to introduce this financial facility for Croatia.

The EIB reported that the EGF had approved funding amounting to almost half its target for 2021. After clearance under the EU state aid notification process in December 2020, the initiative has now approved €11.7 billion in support of European businesses struggling with the economic fallout of the COVID-19 pandemic. This is almost half the fund’s target for 2021.

The fund mobilizes additional financing, and initiatives approved so far are expected to generate €93.9 billion in funding and investments for the EU economy, the press release notes.

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