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EBRD publishes new strategy for Croatia
Croatia has made substantial progress towards establishing a free market economy, yet still faces key challenges, especially the need to attract more foreign direct investment, increase investments in infrastructure and municipalities, and accelerate the privatisation of public utilities. Those are among the conclusions of the EBRD's new strategy for the country published today and available at the EBRD website: www.ebrd.com.
The 2003-2004 strategy outlines the role the EBRD will seek to play as Croatia addresses some of these challenges. The Bank will support projects in municipal and environmental infrastructure, tourism and the enterprise sector, with particular emphasis on promoting greenfield investments and foreign direct investment (FDI). It will also focus on financial services, especially for small and medium-sized enterprises (SMEs) and the development of non-bank financial institutions, such as leasing and insurance companies.
Since publishing its last strategy for Croatia, in 2000, the EBRD has invested more than €300 million in the country, mostly for such local companies as Agrokor, Nasice Cement, Pliva and Podravka, as well as the Zagreb Waste Water Treatment Plant. The most significant recent deal was a €25 million loan to help modernise Croatian air traffic control facilities, as the country is a strategic hub between central European and southeast European air space.
All told, the Bank has invested more than €1.1 billion in Croatia, mobilising a further €2 billion in foreign investment.
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