Government backs HBOR’s participation in 3SI's ‘Fund of Funds’

At Thursday's cabinet session, government backed the participation of the Croatian Bank for Reconstruction and Development (HBOR) in the Three Seas Initiative's (3SI) proposed ‘Infrastructure Fund of Funds.’ The decision comes ahead of the Three Seas Initiative Summit, which will be held in Dubrovnik at the end of the month.

The Three Seas Initiative is a platform for cooperation between EU member states between the Adriatic, Baltic and Black Seas, aimed at strengthening transport, energy, digital and other infrastructure connections of the participating countries and stimulating economic development.

Within the framework of this Initiative, the establishment of a new financial instrument called the Infrastructure Fund of Funds, which would be managed by the European Investment Fund (EIF), is being considered. The Fund should attract contributions from participating countries or their national development institutions in the total amount of some €250 million, with the EIF's obligation to match that amount, thereby increasing the fund's total investment capacity to at least €500 million.

Also at today's session, government forwarded to parliament draft laws on the ratification of two agreements, between Croatia and Australia and Croatia and New Zealand on the elimination of double taxation of income taxes and the prevention of tax evasion and tax avoidance.

Source: HRT