The European Bank for Reconstruction and Development (EBRD) in 2021 invested €176 million in private sector projects, focusing on support for the effects of the pandemic, whereas to date it has invested a total of €4.1 billion in Croatia, the country's current portfolio amounting to €850 million.

Last year’s investments were the largest in the past three years and in 2021, €200 million was drawn, which indicates that EBRD funds are used for active support to Croatia’s economy, the EBRD said in a press release on Friday.

The EBRD is very active in Croatia and that isn’t reflected only in financial projects, the Head of ERBD Croatia, Victoria Zinchuk, said.

“Our team fundraised over €100,000 for earthquake victims in Sisak-Moslavina region,” Zinchuk tweeted.

The EBRD’s key priorities for 2022 will be to encourage and develop the renewable energy market. That approach is in line with the government’s priority to attract new investments in the sector and contribute to achieving objectives related to renewables, including those in the National Recovery and Resilience Plan.

The EBRD underlines that it is essential to improve the electricity network in order to facilitate the connection of renewable energy sources to the national network. Together with interested enterprises associated with the Renewable Energy Sources Croatia (OIEH), the EBRD has prepared an action plan to identify priority investments and activities to facilitate the integration of renewables in the country’s power grid.

The EBRD and OIEH have prepared a comprehensive guide for investors in that sector and the EBRD has financed the relevant feasibility studies with €150,000.

The EBRD has recognised three renewable energy projects that it plans to finance soon, thus becoming the leading investor in that sector. The EBRD will provide business advice to SMEs. The Small Business Impact Fund was launched with more than 32 consulting projects during the year. The EBRD also organised training for entrepreneurs, women in management boards, and SMEs in tourism and hospitality affected by the COVID pandemic, the EBRD said.

The EBRD is a multilateral developmental investment bank. Headquartered in London, the EBRD is owned by 71 countries and two EU institutions. It offers a wide range of financial instruments and other services, including business advice for SMEs, as well as policy advice.