At the proposal of the Government of the Republic of Croatia, the Supervisory Board of the Croatian Bank for Reconstruction and Development (HBOR) with Marko Primorac, PhD, Associate Professor, as the President made a decision on the appointment of the new Management Board of HBOR. On 24 October 2022, Hrvoje Čuvalo, MSc, was appointed President of the Management Board, and Josip Pavković and Alan Herjavec, MSc, were appointed Members of the Management Board for a term of five years.
Hrvoje Čuvalo has been an employee of the Croatian Bank for Reconstruction and Development for more than twenty years, and for the last five years, he held a position of a Member of the Management Board. Previously, he was the Managing Director of the Loan Workout Department responsible for managing the portfolio of high-risk clients of HBOR. At the beginning of July, he was elected as a member of the Administrative Board of the European Association of Public Banks (EAPB).
“For thirty years, the Croatian Bank for Reconstruction and Development has been actively working on the development of the Croatian economy as a whole and on supporting domestic entrepreneurs, especially exporters, providing them with the funding needed for liquidity, exports, investments and further business development. As a development bank, HBOR will continue to support viable projects of Croatian entrepreneurs and those implemented by local and regional government units,” said Hrvoje Čuvalo, the newly appointed President of the Management Board of HBOR and announced the direction of the new Management Board: “HBOR will have a key role in attaining the goals outlined in the National Recovery and Resilience Plan (NRRP), which promotes reforms and investments aiming to accelerate recovery and increase resilience of the economy and society through green and digital transition. Under the NRRP, HBOR has been entrusted with the task of managing more than HRK 1.9 billion allocated through six financial instruments, and the implementation of measures will enable the reduction of dependence on fossil fuels and the long-term strengthening of resilience under very favourable loan terms and conditions, with an objective of achieving the transition to the green low-carbon economy.”
Josip Pavković has, like Hrvoje Čuvalo, been an employee of HBOR for many years, and he held the position of the Head of the Infrastructure and Environmental Protection Unit for five years and that of the Managing Director of the Project Finance Department for the past six years. Alan Herjavec was, among other duties, Advisor to the Managing Board of Hrvatska poštanska banka and of HPB – Stambena štedionica, Member of the Managing Board of Jadranska banka and Member of the Supervisory Board of H1 Telekom.