The World Bank Group Board of Executive Directors has discussed a new Partnership Strategy for Croatia, covering the period July 2013 - June 2017 and envisaging that, in line with Croatia's priorities, the Group's support will concentrate on public finance, competitiveness, and European Union membership, the World Bank said on Friday.
The Strategy "is a key document that sets out the framework of cooperation between the World Bank Group and the Government of Croatia, and describes the Bank Group's planned program in the country."
"The new Strategy was designed to commence with Croatia's membership in the European Union (EU) and, as such, will focus on assisting Croatia in maximizing the economic benefits of membership and speeding up Croatia's convergence with the EU," said Mamta Murthi, World Bank Regional Director for Central Europe and the Baltic Countries.
"In line with Croatia's new status, the nature of the Bank's assistance will gradually change, moving away from funding specific projects, as these are expected to be funded through EU funds, and focusing more on providing technical assistance to the country's institutions in order to better absorb EU funds and implement reforms needed to turn the economy around," she added.
Since 1993, the International Finance Corporation has invested US$ 1 billion in Croatia, including $300 million mobilised from other partners, in 30 projects. As of June 2013, IFC's active portfolio in Croatia stands at $192 million, including financing mobilised from other partners.
