The Croatian Bank for Reconstruction and Development (HBOR) announced on Thursday that it has received accreditation from the European Commission for the direct management of EU funds. This is an additional confirmation of the high quality and professional standards of HBOR's activities.

The Commission informed HBOR of the successful completion of the pillar assessment to obtain accreditation as an implementing partner for the EU’s centralised financial instruments.

In cooperation with an external auditor, the Commission assessed whether HBOR fulfils the requirements of the Financial Regulation applicable to the EU budget, including internal controls, external audits, accounting, financial instruments, access to funding, publication of information on beneficiaries and protection of personal data.

This “historic success” enables HBOR to apply for EU funds directly and without intermediaries and creates new opportunities for the development of innovative financial instruments, said CEO Hrvoje Cuvalo.