The European Bank for Reconstruction and Development (EBRD) invested a record-high €297 million in private sector projects in Croatia last year, focusing on decarbonisation and green projects.

That amount concerning the private sector accounted for 82% of EBRD investment in Croatia in 2022 and 63% of the funds were directed at green transition projects, the bank said.

Last year, Croatia faced several local and global challenges, and the EBRD intensified its engagement through financing and counselling in order to support enterprises and the country as a whole, said Victoria Zinchuk, EBRD Director for Croatia.

In 2022, she added, the bank launched many initiatives to support the fast-growing startup community and technological industry in Croatia.

Last year, the EBRD invested €57 million in Croatia’s private sector renewable energy production, including €43 million lent to the Taaleri Energia and ENCRO Kunovac JV companies for the first project of renewable energy sources outside the subsidy scheme for renewables.

With that project, the EBRD is financing the construction and operation of two wind farms in the Zadar area with a total capacity of 111 megawatts, enough for supplying 85,000 households.

The bank also provided a €35 million loan to the Studenac retail chain for its expansion and, among other things, the employment of Ukrainian refugees.

Also last year, the EBRD invested in innovative financial instruments, including €70 million in Croatia’s first sustainable bonds, and lent SMEs €40 million, including for leasing green equipment and technology.