Econostrum | Economic News in the Mediterranean

EIF and HBOR provide financial support to three private equity funds in Croatia

Written by Frédéric Dubessy on Wednesday, September 2nd 2020 à 10:00 | Read 267 times

Three funds will finance Croatian SMEs (photo: HBOR)
Three funds will finance Croatian SMEs (photo: HBOR)
CROATIA. The European Investment Fund (EIF-EIF - a subsidiary of the European Investment Bank) and the Croatian Bank for Reconstruction and Development (Hrvatska Banka Za Obnovu I Razvitak - HBOR) are jointly investing in three private equity funds in Croatia: Prosperus Growth Fund, Adriatic Structured Equity Fund and Croatian Mezzanine Debt Fund.

This operation carried out within the framework of the Croatian Growth and Investment Program (CROGIP) created in 2019 by the two partners will make available up to €205 million for the development and growth of local SMEs with up to 3,000 employees.

"This investment will fill an important market gap in terms of alternative sources of financing for SMEs and mid-sized companies in Croatia and will broaden the financing options available to local companies as they recover from the Covid-19 pandemic", underlines a press release from the EIF.

The average ticket for investment in SMEs will be between 2 and 8 M€. From autumn 2020, companies will be able to apply to the three funds.

"Today's agreement will make a big difference for many companies in Croatia, both small and medium-sized enterprises (...) We are very proud that HBOR has participated in the creation of these funds, which will provide entrepreneurs with an alternative form of financing. As the private equity market in Croatia is still underdeveloped, HBOR has launched a number of activities to promote the development of this form of financing. With the support of HBOR, a venture capital fund for start-ups started operating last year (FRC2 Croatia Partners). Thanks to the creation of these three funds, from this autumn onwards other forms of financing will be possible for more mature companies as well, regardless of their sector of activity," comments Tamara Perko, Chairman of the Board of HBOR.


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