EIB Group’s new financing in Croatia reaches record €1.24 billion in 2024

• EIB Group financing in Croatia rose to €1.24 billion last year from €464 million in 2023.
• Focus on Croatian railways, cities and businesses in record year for commitments.
• Climate action in Croatia received €721 million in support last year.

The European Investment Bank (EIB) Group’s new financing in Croatia has reached a record level of €1.24 billion last year, with major support aimed at greening transport, cities and businesses. The total financing for 2024 included €937 million from the EIB and €303,2 million from the European Investment Fund (EIF), which focuses on small and medium-sized enterprises (SMEs) as well as Mid-Caps in Europe.

EIB Group financing in Croatia last year amounted to 1.4% of its gross domestic product (GDP), whereof a third dedicated to the support of  Croatian SMEs and Midcaps throughout the intermediation of the Croatian banking system. The level of support rose 167% from €464 million in 2023.

The largest EIB loan signed last year was a €400 million financing to the Croatian government to upgrade and expand rail infrastructure and services throughout the country – part of a €900 million agreement that marks the EIB’s largest-ever financing operation in Croatia. Other key initiatives included EIB loans of €207 million to the city of Zagreb to promote renewable energy, affordable housing and public transport, €200 million to the Croatian Bank for Reconstruction and Development, or HBOR, to expand green and other financing for a range of companies and €30 million financing for the increase of renewable energy production (Kiepach/ Go Green project) implemented by HEP.

"Our record investments in Croatia in 2024 are a testament to our unwavering commitment to the country’s sustainable growth,” said EIB Vice-President Teresa Czerwińska. “We are deepening our engagement, unlocking new financing for businesses, modernising critical infrastructure and promoting innovation. Working closely with national and local authorities as well as with private-sector partners, we are helping to build a greener, more competitive and resilient Croatia."

The latest annual results bring total EIB Group financing in Croatia over the past five years to almost €3.1 billion. The annual average in the country since 2020 has been €613 million.

Green gains, social support and firm financing

Last year, projects to advance climate action and environmental sustainability in Croatia received EIB Group support totalling €721 million.

The €400 million loan to the Croatian government in 2024 is meant to improve rail travel for 22 million passengers annually, accelerate regional development, encourage a shift away from road transport and reduce emissions that cause climate change.

The €207 million loan to Zagreb reflects increased EIB Group support for Croatian cities to promote cleaner energy, urban mobility and essential cultural and social infrastructure such as schools, kindergartens and affordable housing. Such financing also helps cities absorb faster the grants from the European Union.

In response to a rising need for affordable homes, the EIB last year also agreed to provide advisory services to five major Croatian cities: Zagreb, Split, Rijeka, Osijek and Varaždin. The goal is to help expand social housing and promote inclusive urban development.

In the area of business financing, the €200 million loan to HBOR is part of a €500 million approved commitment to help Croatian companies lower their carbon footprint and become more sustainable. The EIB is also advising HBOR and other key financial institutions in Croatia on enhancing their green-funding capacity.

The EIF teamed up with the EIB to offer €169 million to Privredna Banka Zagreb and €160 million to Erste Croatia to expand financing for businesses. The EIF further reinforced Croatia’s innovation ecosystem with investments in equity funds through the Croatian Venture Capital Initiative 2 (CVCi 2)  and the Croatian Growth Investment Programme II (CROGIP II), benefiting hundreds of start-ups and high-growth enterprises. EIF’s equity fund investments in the country also included one of its first commitments to a CEE-based infrastructure fund and, additionally, €40 million was pledged to the Vesna Deep Tech Venture Fund, supporting Croatia’s first technology transfer fund that also represents a cross-border initiative with Slovenia, fostering innovation and collaboration between academia and businesses. Altogether, the EIF experienced a record year in Croatia in terms of investments in funds managed by local teams, which now cover a broad range of strategies, from early-stage venture capital, technology transfer, growth investments and social impact to investments in infrastructure projects.

Background information  

EIB 

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB's financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

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