Croatia
Commission approves €411 million Croatian capital injection into development bank HBOR
The European Commission has approved, under EU state aid rules, a €411 million capital injection by Croatia's government into the national development bank Hrvatska Banka za Obnovu i Razvitak (‘HBOR'), which will use these funds to support SMEs, renewable energy projects and infrastructure development. The measure will be funded by the Recovery and Resilience Facility (‘RRF') and will expand HBOR's remit to support Croatia's sustainable economic growth and competitiveness.
The public funding will be provided through the RRF following the Commission's positive assessment of the Croatian Recovery and Resilience Plan and its adoption by the Council.
The Commission found that the measure facilitates the development of economic activities. The aid has an incentive effect and it is necessary and appropriate to achieve the objectives pursued. Finally, Croatia has committed to several measures to ensure that HBOR will not undercut private financial institutions active in the Croatian market.
On this basis, the Commission approved the Croatian measure under EU State aid rules.
A press release is available online.
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