EIB, Croatia's HBOR to issue 500 mln euro in new financing

About 20% of the funds are earmarked for green projects, including in sectors like energy efficiency and clean energy production, sustainable transport and environmental protection, EIB said in a press release.

"The agreement will help HBOR to absorb EU grants and structural funds, among other assistance, and is expected to mobilise up to 1 billion euro of investments in the Croatian economy," according to EIB.

The two lenders have already signed the first tranche for 200 million euro, most of which will support the country’s SMEs and mid-caps.

The entire facility is expected to further EU Cohesion Policy objectives, and will support green projects in line with the EIB’s climate goals.

"HBOR is the leading provider of green financing in Croatia, which is a key priority for the EIB under its Climate Bank Roadmap policy," according to EIB Vice-President Teresa Czerwinska.

The EIB and HBOR have agreed that 70% of the facility will target SMEs and mid-caps, with the rest slated to support organisations in the country’s public sector and other beneficiaries.

($ = 0.917 euro)