The Croatian ministry of regional development and the state bank for reconstruction and development HBOR signed on March 3, 2024 a memorandum of understanding to implement a new financial instrument, an urban development fund worth 172 million. Source: The Croatian ministry of regional development
April 4 (SeeNews) - The Croatian ministry of regional development and EU funds said that it will set up an urban development fund worth 172 million euro ($186 million) aimed at financing development projects in urban areas, especially public and business infrastructure.
This fund supplements existing support from the EU's ITU mechanism, which amounts to 680 million euro. Its primary objective is to foster balanced urban development across Croatia, focusing on initiatives that promote green and technological advancements. Notably, it introduces a novel approach by allowing EU fund resources to enrich public infrastructure projects with commercial elements for the first time, the ministry said on Wednesday in a press release.
The Memorandum of Understanding was signed by regional development minister Sime Erlic and representatives of Croatia's state development bank HBOR.
The fund will combine the provision of loans and grants. It will become operational by the end of June.
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