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23.05.2025.
The Management Board of the Croatian Bank for Reconstruction and Development hosted in Zagreb this week the delegation of the German development bank (KfW), lead by the Head of the KfW Liaison Office in Brussels David Denzer-Speck. Members of the delegation were also senior advisor Dr Dominik Bach and the project manager Marina Alvisi.
KfW was founded in 1948 and together with its subsidiaries DEG, KfW IPEX-Bank and FuB, forms the KfW Bankengruppe. As of 2014, it is the world’s largest national development bank, and as of 2018, Germany’s third largest bank by balance sheet.
During the meeting, strategic priorities of both institutions, challenges and opportunities for strengthening of cooperation were discussed, as well as the role of development banks in new geopolitical and economic circumstances in Europe and the world.
President of the Management Board of HBOR Hrvoje Čuvalo, together with members of the Management Board Alan Herjavec and Josip Pavković, presented the business results and strategic goals of HBOR for the period 2025 - 2029 and emphasized the importance of strengthening the support for small and medium-sized entrepreneurship, development of private equity market and investments focused on competitiveness, sustainability and resilience.
“We are particularly glad to have had the opportunity to host our partners from KfW and to discuss key topics shaping the future of development finance. KfW and HBOR share strong commitment to the development of sustainable models of finance, and our cooperation within IDFC and ELTI confirms the common vision of development banks' role in building resilient economies and balanced regional development “, emphasized on this occasion Čuvalo.
The role of development banks in the financing of defence and security sector, promoting the housing construction and the importance of regional competitiveness and resilience were also discussed at the meeting. Special emphasis was also put on the role of development banks in supporting the transformation projects that strengthen local economies and respond to the current needs of society.
“HBOR and KfW are long-time strong partners and we are really glad to have arranged this meeting where we had the opportunity to learn more about your strategy and goals for the next five years. There are plenty of topics that we want to discuss with HBOR, such as private equity funds, infrastructure and financing of small and medium-sized companies, and we look forward to further strengthening of the Croatian-German cooperation as well as quality relations between our two institutions“, stressed Denzer-Speck, particularly emphasizing the importance of long-term cooperation.
KfW and HBOR cooperate closely through the work of the Steering Group of the International Development Finance Club (IDFC) and the Steering Committee of the European Association of Long-Term Investors (ELTI). Namely, the President of the Management Board of HBOR Hrvoje Čuvalo is a member of the Steering Group of IDFC together with the CEO of KfW Stefan Wintels, whereas the Member of the Management Board Alan Herjavec is a member of the Steering Committee of ELTI along with the Secretary General of KfW Lutz-Christian Funke.
The successful and continuous exchange of experiences on these platforms enables further strengthening of the Croatian-German cooperation on strategic projects of the national and European importance.
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The Management Board of the Croatian Bank for Reconstruction and Development hosted in Zagreb this week the delegation of the German development bank (KfW), lead by the Head of the KfW Liaison Office in Brussels David Denzer-Speck. Members of the delegation were also senior advisor Dr Dominik Bach and the project manager Marina Alvisi.
KfW was founded in 1948 and together with its subsidiaries DEG, KfW IPEX-Bank and FuB, forms the KfW Bankengruppe. As of 2014, it is the world’s largest national development bank, and as of 2018, Germany’s third largest bank by balance sheet.
During the meeting, strategic priorities of both institutions, challenges and opportunities for strengthening of cooperation were discussed, as well as the role of development banks in new geopolitical and economic circumstances in Europe and the world.
President of the Management Board of HBOR Hrvoje Čuvalo, together with members of the Management Board Alan Herjavec and Josip Pavković, presented the business results and strategic goals of HBOR for the period 2025 - 2029 and emphasized the importance of strengthening the support for small and medium-sized entrepreneurship, development of private equity market and investments focused on competitiveness, sustainability and resilience.
“We are particularly glad to have had the opportunity to host our partners from KfW and to discuss key topics shaping the future of development finance. KfW and HBOR share strong commitment to the development of sustainable models of finance, and our cooperation within IDFC and ELTI confirms the common vision of development banks' role in building resilient economies and balanced regional development “, emphasized on this occasion Čuvalo.
The role of development banks in the financing of defence and security sector, promoting the housing construction and the importance of regional competitiveness and resilience were also discussed at the meeting. Special emphasis was also put on the role of development banks in supporting the transformation projects that strengthen local economies and respond to the current needs of society.
“HBOR and KfW are long-time strong partners and we are really glad to have arranged this meeting where we had the opportunity to learn more about your strategy and goals for the next five years. There are plenty of topics that we want to discuss with HBOR, such as private equity funds, infrastructure and financing of small and medium-sized companies, and we look forward to further strengthening of the Croatian-German cooperation as well as quality relations between our two institutions“, stressed Denzer-Speck, particularly emphasizing the importance of long-term cooperation.
KfW and HBOR cooperate closely through the work of the Steering Group of the International Development Finance Club (IDFC) and the Steering Committee of the European Association of Long-Term Investors (ELTI). Namely, the President of the Management Board of HBOR Hrvoje Čuvalo is a member of the Steering Group of IDFC together with the CEO of KfW Stefan Wintels, whereas the Member of the Management Board Alan Herjavec is a member of the Steering Committee of ELTI along with the Secretary General of KfW Lutz-Christian Funke.
The successful and continuous exchange of experiences on these platforms enables further strengthening of the Croatian-German cooperation on strategic projects of the national and European importance.