Regional Development and EU Funds Minister Natasa Tramisak on Wednesday announced the monitoring of the absorption of EU funds urgently allocated for economic recovery.

Funds from the REACT-EU instrument have just been approved and, thanks to the government’s swift response, they have already been utilised for economic recovery through job-retention measures and a €150 million call for boosting the corporate competitiveness by investing in digital and green transition, Tramisak said in a press release.

Croatia’s allocation for this year is €571.5 million and the allocation for 2022 will be known in October, Tramisak’s ministry said.

Reporting on the absorption of European structural and investment funds, the ministry said that between 2014 and 17 June this year, Croatia contracted projects worth €12.83 billion or 119.57% of the allocation, while €5.88 billion of the funds was paid out, 54.84% of the allocation.

Between 2013 and 17 June 2021, the difference between the amount paid from the EU budget into the Croatian budget and the amount paid from the Croatian into the EU budget was HRK 40.32 billion in Croatia’s favour.