EC approves Croatia's plan for absorbing EUR 450mn of EU funding

By bne IntelliNews August 27, 2013

The European Commission said this week it has approved Croatia's plan to use EUR 449.4mn worth of EU funds to finance investments in line with the priorities set in the governemnt's National Strategic Reference Framework (NSRF).

NSRF targets boosting the economic growth, employment and competitiveness in all regions of the country. The priority projects that match these goals must be identified quickly so as to make use of the investment by the 2016 deadline.

The EU funding will come through three programmes. The Cohesion Fund (EUR 149.8mn) is set up to finance waste and wastewater management projects. The European Regional Development Fund (EUR 228.4mn) will invest in business support for SMEs, research and innovation, as well as in basic infrastructure like railways and waterways. Finally, the European Social Fund (EUR 60mn) is to subsidise job creation and education projects.

Croatia joins the current financial period of cohesion policy six months before it ends as it entered the EU on July 1, 2013 - this means that all approved projects should be completed by end 2016.

Related Articles

Raiffeisen to file lawsuit against new Croatian banking law

Austria's Raiffeisen Bank is preparing to file a complaint at the Croatian constitutional court later in July against a recent law that aims to declare thousands of its loans to Croatians void, ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

Croatian central bank intervenes again to alleviate kuna’s appreciation

Croatia's central bank (HNB) purchased €101.5mn on the foreign exchange market on July 14 at an average kuna/euro rate of 7.4210 from local banks in order to alleviate the appreciation of the local ... more