What we do
Institutional investors
Equity products
AI Co-Investment Facility
Cleantech Co-Investment Facility
Impact investing at the EIF
Climate & Infrastructure Funds
Technology Transfer
European Angels Fund (EAF) - Co-investments with Business Angels
Venture capital
The Social Impact Accelerator (SIA)
Lower mid-market
Mezzanine Facility for Growth
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
ESCALAR Programme
Debt products
New ESIF ERDF Guarantee Fund initiative in Greece
EFSI Private Credit Programme
AGRI Guarantee Facility
AGRI Italy Platform Uncapped Guarantee Instrument
Credit enhancement
Cultural and Creative Sectors Guarantee Facility (CCS GF)
ENSI - Securitisation Initiative
Erasmus+ Master Loan Guarantee Facility
Skills & Education Guarantee Pilot
EREM debt products
Single EU Debt Financial Instrument
Documentary Finance Facility – Bulgaria
The SME Initiative
The SME Initiative Bulgaria
The SME Initiative Finland
The SME Initiative Italy
The SME Initiative Malta
The SME Initiative Romania
The SME Initiative Spain
Inclusive finance
EaSI Financial Instruments
EaSI Capacity Building Investments Window
EaSI Guarantee Instrument
EaSI Funded Instrument
European Progress Microfinance Facility
Entrepreneurs supported through Progress Microfinance
European Fund for Strategic Investments (EFSI)
How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
Normandie Garantie Agri
FAIRE - La Réunion
Auvergne Rhône-Alpes FEADER
Recovery Equity Fund of Funds of Bulgaria
Fons d’Inversió en Tecnologia Avançada (FITA) Catalonia
Dutch Future Fund (DFF)
Dutch Alternative Credit Instrument (DACI)
PORTUGAL BLUE: a new initiative for blue economy investments
JEREMIE Greece Reflows – Business Angels’ Co-Investment Equity Instrument
German Corona Matching Facility (CMF)
Portugal Growth programme
Central and Eastern European Technology Transfer (CEETT)
Croatian Growth Investment Programme (CROGIP) II
Croatian Growth Investment Programme (CROGIP)
Croatian Venture Capital Initiative 2 (CVCi 2)
AGRI Italy Platform Uncapped Guarantee Instrument
ALTER’NA – ESIF EARFD Nouvelle-Aquitaine
Baltic Innovation Fund 1 (BIF 1)
Baltic Innovation Fund 2 (BIF 2)
Central Europe Fund of Funds (CEFoF)
Croatian Venture Capital Initiative (CVCi FoF)
Competitiveness Fund-of-Funds for SMEs in Romania
The Cyprus Entrepreneurship Fund (CYPEF)
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
EU4Business Capped Guarantee
Dutch Growth Co-Investment Programme
Dutch Venture Initiative (DVI-II)
ESIF Fund-of-Funds Greece
EAFRD FoF Portugal
EAFRD FoF Romania
The ERP-EIF Facility
ERP-EIF Co-Investment Growth Facility
The LfA-EIF Facilities
The German Future Fund (GFF) - EIF Growth Facility
INAF – French National Agricultural Initiative
ESIF Energy Efficiency and Renewable Energy Malta
Regional Fund-of-Funds Romania
ESIF Fund-of-Funds Czech Republic
The Silesia EIF Fund of Funds
La Financière Région Réunion
The EIB Group Risk Enhancement Mandate (EREM)
Call for Expression of Interest for FOSTER II
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
InvestBG Equity Instrument
Romania Recovery Equity Fund of Funds
JEREMIE Romania Reflows – Equity Instrument
Luxembourg Future Fund 1 (LFF)
Luxembourg Future Fund 2
Mezzanine 'Fund of Fund' for Germany (MDD)
NEOTEC resources
Polish Growth Fund of Funds (PGFF)
Portugal Venture Capital Initiative (PVCi)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Western Balkans Enterprise Development & Innovation Facility (WB EDIF)
EAFRD FoF Greece
Irish Innovation Seed Fund (IISF)
RRF Czech Republic Fund of Funds

EIF and HBOR invest in three equity funds in Croatia unlocking €205 million for local SMEs and MidCaps

    Date: 01 September 2020
  • EIF and HBOR will invest €70 million in three Croatian private equity funds to unlock up to €205 million for development and growth of SMEs and smaller MidCaps.
  • The joint investment  will be managed by the EIF and stems from Croatian Growth and Investment Programme (CROGIP) launched by the EIF and HBOR in 2019.
  • The investment received guarantees from the European Fund for Strategic Investments (EFSI).

The European Investment Fund (EIF) and Croatian Bank for Reconstruction and Development (HBOR) will support three private equity funds in Croatia and unlock up to €205 million of investments in growth, expansion, innovation and improved international competitiveness of local SMEs and small mid-caps.

The EIF will blend own funds with HBOR and EU funds to invest €70 million into the Prosperus Growth Fund, the Adriatic Structured Equity Fund and the Croatian Mezzanine Debt Fund. The investment will narrow a substantial market gap for alternative funding sources for SMEs and mid-caps in Croatia and expand financing options available to local companies as they recover from the Covid-19 pandemic. 

The operation stems from the €80 million-strong Croatian Growth and Investment Programme (CROGIP), launched by the EIF and HBOR in 2019 and delivers on CROGIPs founding pledge to diversify financing options for Croatian SMEs and midcaps and support development of the national private equity ecosystem.

The average size of investment ticket available is expected to range between two and eight million euros.

Alain Godard, Chief Executive of the EIF said: “It’s a great pleasure to see our partnership with HBOR trough CROGIP delivering on its pledge to create additional sources of financing for Croatian SMEs and midcaps, further modernize financial market in Croatia and level it up with the EU standards. This is just one of the examples of how EIFs cooperation with HBOR transforms Croatia into an even better place to do business, and I am proud of the EIF`s growing role in this process. We look forward continuing as one of the key facilitators of Croatia`s sustainable development, especially supporting SMEs and MidCaps recover faster from Covid-19 pandemic.”

European Commission Executive Vice-President for an Economy that Works for People, Valdis Dombrovskis, said: “The European Commission and the European Investment Bank Group continue to help small and medium-sized companies face the devastating socio-economic effects of the coronavirus crisis. The more we protect businesses and jobs now, the faster the economic recovery will be. Today’s agreement will make a big difference to many companies in Croatia, both SMEs and mid-caps, by making more than EUR 200 million in fresh financing available to them at this challenging time.”

Tamara Perko, President of HBOR’s Management Board, said: “It makes us very proud that HBOR took part in the establishment of the funds, through which entrepreneurs will have an alternative form of financing. Since the private equity market in Croatia is still underdeveloped, HBOR initiated a number of activities for promoting the development of this form of financing. With HBOR's support, a venture capital fund intended for start-ups began to operate last year (FRC2 Croatia Partners). With the establishment of these three funds, alternative forms of financing will be made possible from this autumn onwards for more mature companies as well, regardless of the sector they operate in.”

Today’s agreement will also help Croatia improve its position in terms of share of private equity investment in gross domestic product (GDP).

The EIF-HBOR cooperation will improve financing options for Croatian SMEs and midcaps, and modernize local financial market. It will introduce alternative financing solutions, flexible transaction structures and repayment schedules and create alternative financing solutions for SMEs and MidCaps under more flexible transaction structures and repayment schedules, all key prerequisites for sustainable economic growth and development.

The operation introduces three new private equity funds to Croatian financial market and blends resources from CROGIP, the EIF and the European Union`s European Fund for Strategic Investments (EFSI), the core of the Investment Plan for Europe.


Background information:

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.


About Croatia Growth and Investment Programme (CROGIP):

The European Investment Fund (EIF) and HBOR launched CROGIP in 2019 initially as a €70 million-investment programme to support fast-growing SMEs and mid-caps established and operating in Croatia. The program was later expanded to €80 million in 2020. CROGIP targets co-investments and primary fund investments in private equity funds. The EIF and HBOR each committed €40 million to finance this jointly developed programme which is expected to catalyse additional private-sector investments into equity funds.

A key programme objective is to support the emergence of fund managers, which focus a significant part of their investments into Croatian SMEs and midcaps. The EIF manages the program through fund investments and co-investments into target companies. The programme is not restricted to any particular sector. The investment programme will also seek to support emerging teams established in Croatia and specifically focused on the country.

CROGIP is a financing programme launched by the EIF under the EIF-NPI Equity Platform, of which both EIF and HBOR are founding members, and the Investment Plan for Europe, in cooperation with EU National Promotional Institutions.


About the European Fund for Strategic Investments (EFSI):

The European Fund for Strategic Investments (EFSI) is the main pillar of the Investment Plan for Europe. It provides first loss guarantees enabling the EIB to invest in more, often riskier projects. The projects and agreements approved for financing under EFSI are expected to mobilise €514 bn in investment, supporting over 1.4 million start-ups and SMEs across the EU.


Press contacts:

EIB Group:  Tibor Jona, E-mail: t.jona@eib.org, tel.: +352 691 287 052

Website: Website: www.eib.org/press - Press Office: +352 4379 21000 – press@eib.org

Follow us on Twitter @eif_eu 

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.


Copyright ©

 European Investment Fund   – The European Investment Fund is not responsible for the content of external internet sites.