The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has approved a new five-year strategy for Croatia, with an emphasis on private-sector competitiveness, and a green and inclusive economy, the bank reports on its website.

The Bank’s new strategic priorities, to be achieved in coordination with other international financial institutions and donors in the period from 2023 to 2028, include: “supporting competitiveness through innovation, digitalisation and good governance; accelerating Croatia’s green economy transition and its Paris alignment; and increasing resilience through inclusion and stronger stakeholder engagement.”

Boosting competitiveness of private sector

The first priority concerning the competitiveness of the private sector “builds on the Bank’s efforts started in the previous strategy period.”

“The EBRD will also continue to support the improvement of corporate governance and efficiency of state-owned enterprises as opportunities arise. It will assist small and medium-sized enterprises in adopting new practices and innovative products, and will build on its partnership with incubators and accelerators to step up support for start-ups.”

Green economy transition

The bank says that it will “intensify its work to accelerate Croatia’s green economy transition and its Paris alignment by further diversifying the energy mix and increasing renewable energy capacity, improving energy efficiency and building climate resilience.”

“This will include further support for renewable energy projects and putting in place the preconditions for developing the country’s offshore wind and agri-solar potential.”

Increasing resilience

As part of the third priority, the EBRD promises “support for green post-earthquake reconstruction.”

It says it will “assist with urban regeneration programmes, while engaging with local municipalities and communities.”

The Bank will continue to promote access to skills, employment and finance, with a renewed focus on the integration of refugees and vulnerable segments of the population.

The EBRD launched its operations in Croatia in 1993. Over the last 30 years, it has invested €4.4 billion in the Croatian economy and supported more than 850 companies with financing and advisory services.