Zagreb, 11 April 2023 – During 2022, the Croatian Bank for Reconstruction and Development supported 2,831 projects in the amount above HRK 9.5 billion, as published in the audited annual financial statements of HBOR for the past year. The major part of the business activity relates to the lending activity. The reporting year was another challenging year accompanied by crisis measures to help entrepreneurs, but also a year in which the implementation of financial instruments within the framework of the National Recovery and Resilience Plan (NRRP) began.

The business activity of HBOR in 2022 was for the major part marked by activities relating to the mitigation of negative consequences that the war in Ukraine had on the entire economy. With favourable loans for liquidity through the temporary measure Working Capital CRISIS 2022, HBOR made it easier for entrepreneurs to overcome the economic consequences of the Russian-Ukrainian crisis. From 1 September 2022, when the Measure was introduced, until 31 December 2022, HRK 282 million in loans was approved. Besides, the measures to help the economy of the Republic of Croatia include the Programme for the Portfolio Insurance and the Programme for Individual Insurance of Liquidity Loans for Exporters and the Programme for Subsidising the Insurance Premium.

New measures and activities resulted in an increase in the interest of private economic and public entities in HBOR's funds. In 2022, the trend of reducing the tendency of entrepreneurs towards capital investments continued, and the year was marked by an increase in the use of loans to maintain liquidity. In spite of the mentioned circumstances, HBOR approved slightly less than half of the total amount of approved loans for the realisation of investment projects. They are particularly significant, because these are investments that contribute to even economic development, increase in entrepreneurs' competitiveness, investment in new technologies and production, and new employment“, said the President of the Management Board of HBOR Hrvoje Čuvalo on the occasion of the publication of the annual report.

During 2022, the implementation of the COVID-19 Measures continued through the programmes for insurance of liquidity loans for exporters and for issuance of guarantees under which HBOR assumed up to 90 percent of the loan principal amount. From the beginning of implementation of COVID-19 Measures until the end of their duration, more than HRK 4.4 billion in liquidity loans were provided to entrepreneurs. In addition to the credit insurance and guarantee programmes, entrepreneurs were also supported through the financing of working capital, and 152 loans in the total amount of almost HRK 1.4 billion were approved. From the beginning of the implementation of the measures until the end of 2022, under loan programmes within the framework of the COVID-19 Measures, HBOR approved 656 loans in the amount of more than HRK 3.5 billion.

Most of HBOR's borrowers in 2022 were small and medium-sized enterprises, to which 1,983 loans were approved, i.e. 89 percent of the total number of approved loans. Public sector entities were also active beneficiaries of HBOR's funds during the reporting year. In 2022, they were granted almost one billion kuna in loans. Local and regional government units (LRGUs) expressed great interest in the loan programme "ESIF Loans for Public Lighting". In 2022, Croatian exporters were backed by HBOR in more than 630 projects with the total amount of more than HRK 3.2 billion.

The implementation of the majority of financial instruments under the NRRP totalling HRK 1.925 billion started in 2022. HBOR was entrusted with the implementation of six financial instruments: direct loans, subsidies under HBOR’s loans to public sector entities, MidCaps and large enterprises, subsidies under HBOR’s loans to SMEs, guarantee fund for MidCaps and large enterprises, and promotion of the development of new venture capital funds. The implementation of the financial instruments under the NRRP is aligned with the Do No Significant Harm principle.

The entire 2022 was strongly marked by the implementation activities of the comprehensive project called "Reorient HBOR’s operations towards sustainable financing and green transition". The goal of the project is to strengthen HBOR in understanding environmental, climate and social risks and their implications for business, and to ensure development and implementation of sustainable financial policies. Most of the activities took place in 2022, and the expected completion of this 18-month project is April 2023.

In 2022, HBOR continued to contribute to the achievement of balanced regional development through cooperation with individual counties, municipalities and cities, based on which entrepreneurs can finance their investments at an interest rate as low as 0 percent. Besides, in the past period, the Bank participated in a number of initiatives aimed at the development of venture capital and private equity market in order to provide adequate resources to help the growth of entrepreneurial activities. During 2022, the third fund was established under the CROGIP programme (Croatian Growth Investment Programme), started to operate and made its first investment, whereas other two funds invested in companies in the Republic of Croatia intensively.

In 2022, HBOR generated total income of HRK 682.07 million, expenses in the amount to HRK 495.90 million and profit in the amount of HRK 186.17 million.