The European Investment Bank (EIB) and the European Commission (EC) have secured €15 million to finance the technical support programme enabling Croatian Bank for Reconstruction and Development (HBOR) to better identify projects aimed at preserving biodiversity, improve green infrastructure and strengthen the resistance to climate changes.

HBOR is the first intermediary to benefit from both financing and technical preparations supported by the Natural Capital Financing Facility, a financial instrument created by the European Investment Bank and the European Commission to support projects delivering on biodiversity and climate adaptation, worth 125 million kuna (€17 million).

This reflects Croatia’s rich biodiversity and the crucial role it plays in nature conservation as one of the most diverse locations anywhere in Europe, as 34 percent of the country’s areas are protected under Natura 2000, a network of protected areas across the European Union.

“I think this is a great idea, and the first time it is implemented in a (EU) member state. I believe we will succeed, and this can serve as a good example for others,” said Karmenu Vella, the European Commissioner for Maritime Affairs and Fisheries.

The technical and financial expertise from similar nature conservation projects implemented elsewhere in Europe will increase investments in Croatia. A technical assistance programme will be rolled out to ensure that HBOR can better identify natural capital projects with the most positive environmental impact and improve the individual schemes preparation put forward by local businesses.

Croatian companies engaged in sustainable agriculture, commercial forestry operations, and tourism are expected to benefit from new financing.

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