CO-OPERATION BETWEEN HBOR AND COUNCIL OF EUROPE DEVELOPMENT BANK
The Council of Europe Development Bank (CEB) is a multilateral development financial institution owned by 43 member countries that are also members of the Council of Europe. Founded in 1956, the institution was originally focused on addressing social challenges associated with refugees and displaced persons after World War II. Over the decades, it has evolved into a key European partner for the promotion of social cohesion, fundamental values of the Council of Europe and responses to contemporary social challenges. Although it operates within the values and objectives of the Council of Europe, the CEB has independent legal status and full financial autonomy. It is financed mainly by funds raised in international capital markets and its own resources and reserves.
The CEB achieves its mission by financing social investments and projects that are aimed at supporting vulnerable groups of the population. Its activities are carried out through three core areas: investing in people and strengthening human capital, promoting inclusive and resilient environments, and fostering employment with economic and financial inclusion.
The CEB's activities cover a wide range of sectors: from health and social care, education and vocational training, through infrastructure investments in the judiciary and administration, preservation of cultural heritage, to projects focused on housing, regional and rural development, environmental protection and mitigation of the consequences of natural disasters. Furthermore, the CEB plays a significant role in financing micro, small and medium-sized enterprises as well as microfinance.
All projects supported by the CEB are developed in line with three cross-sectoral priorities: climate action, gender equality and digitalisation, which ensures long-term sustainability and focus on contemporary social and economic challenges.
The cooperation between the Croatian Bank for Reconstruction and Development (HBOR) and the CEB is of exceptional importance for the Croatian economy. Owing to the access to favourable sources of finance, both in terms of interest rates and maturity, HBOR provides funds for the financing of working capital and investments. This enables the development of small and medium-sized enterprises, the promotion of innovation, the improvement of infrastructure, the increase of exports, the reduction of unemployment and the strengthening of competitiveness.
The projects financed by the CEB's funds must be aligned with its Environmental and Social Safeguards Policy and must not be contrary to the provisions of the European Convention on Human Rights (Official Gazette of the Republic of Croatia, NN 6/1999, NN 8/1999, NN 14/2002, NN 1/2006) and the European Social Charter.
HBOR places CEB’s funds directly to borrowers or on-lends them in cooperation with commercial banks under current loan programmes. For more information, we recommend that you contact your commercial bank or HBOR directly.