The European Bank for Reconstruction and Development (EBRD) has adopted a new strategy for Croatia ahead of the country's accession to the European Union on July 1, setting out priorities for the 2013-2016 period, including restoration of sustainable growth, the bank announced in a statement on Tuesday.
"EU membership will be an important landmark, rewarding many years of comprehensive reforms. Croatia joins the European Union well-prepared. The continuation of prudent economic policies and an accelerated implementation of the reform agenda are essential to make full use of EU accession," the statement said.
The bank says it is ready to assist these efforts and will focus its activities in Croatia on restoring sustainable growth as part of the Joint IFI Action Plan for Growth in Central and South Eastern Europe. Support for the corporate sector will focus on providing finance to small and medium-sized enterprises and will be available to local companies as well as foreign investors.
In order to make best use of the benefits EU membership can bring, the EBRD will concentrate on selected areas where EU Structural Funds and EBRD financing can be combined, including the municipal sector. The bank will work with the authorities to accelerate the reform of publicly-owned companies in the infrastructure sector to strengthen the absorption capacity for EU funds.
To date the EBRD has signed some 150 projects in Croatia for a total amount of 2.75 billion euros. The bank's investments are split between the industry, commerce and agribusiness sectors, the energy sector, the financial sector and the infrastructure sector. This year alone the EBRD plans to invest some 230 million euros in Croatia focusing on corporates, municipalities and support for cross-border initiatives.
