10.02.2025.
HBOR's commitment increases the total investment in the Innovation Fund from national contributions to EUR 80 million. The EIF, as part of the European Investment Bank (EIB) Group, plans to match all contributions to the Three Seas Initiative Innovation Fund. The Initiative supports investments in businesses past the early phase of development that are based in countries between the Baltic, Black and Adriatic seas.
"The latest expansion of the Three Seas Initiative Innovation Fund is excellent news for Central and Eastern European businesses. HBOR's contribution and EIF's matching investment will allow the Three Seas Initiative Innovation Fund to support even more companies," said Marjut Falkstedt, EIF's Chief Executive. "Pooling national resources across Central and Eastern Europe is key to driving competitiveness, deepening the EU internal market and accelerating climate action. This initiative is an important boost for innovation and new jobs in these countries," concluded Falkstedt.
"I am extremely glad that HBOR has become part of the Three Seas Initiative Innovation Fund. By joining forces with the EIF and other financial institutions in the region, we create the basis for strengthening competitiveness and sustainable development. Our participation in the Fund will certainly increase our interconnection and contribute to the growth of Central and Eastern European economies by providing capital that is crucial for innovation and strengthening global competitiveness,” said Hrvoje Čuvalo, President of HBOR’s Management Board.
The 3SI Innovation Fund targets the participation of up to nine countries in the region - Croatia, the Czech Republic, Hungary and Poland included - and the size of EUR 180 million for investments in private equity, venture capital and private credit funds. The overall goal is to mobilise some EUR 1 billion of new financing and bolster business growth in Central and Eastern Europe, where such funding has been relatively scarce and where meeting market demand is important for sustainable development and maintaining global competitiveness.
"Innovations are the key to competitiveness and there is a positive correlation between investment in innovations and competitiveness of the economies of individual countries. Therefore, owing to EU funds, we have significantly increased investment in innovations in the past few years, and this fund is another in a series of instruments with which we strengthen the innovation ecosystem and enable entrepreneurs from Croatia, in this case from the entire region that belongs to the Initiative, to secure financial support for their innovative projects. In this way, we contribute to stronger and better competitiveness of the Croatian and European economies," stressed on this occasion Šime Erlić, Minister of Regional Development and EU Funds.
Such funds can help bridge financing gaps for companies developing climate-friendly solutions, which are essential for meeting global environmental targets. In turn, these investments stimulate job creation, increase productivity, and position economies to be more resilient and competitive in a rapidly evolving global market focused on sustainability.
EIF is part of the European Investment Bank (EIB) Group celebrating its 30th anniversary this year. Its central mission is to support Europe’s small and medium-sized enterprises (SMEs) by helping them access finance. The EIF designs and develops venture and growth capital, guarantee and microfinance instruments that specifically target this market segment. In this role, it contributes to the achievement of key EU policy goals such as competitiveness and growth, innovation and digitalisation, social impact, skills and human capital, climate action and environmental sustainability.
HBOR
The Croatian Bank for Reconstruction and Development is a development and export bank and export credit agency of the Republic of Croatia whose main task is to promote the development of the Croatian economy. By providing loans, investing in venture capital funds, insuring exports against political and commercial risks, issuing guarantees and providing business consulting, HBOR works to strengthen the competitiveness of the Croatian economy.
- The Croatian Bank for Reconstruction and Development (HBOR) has committed itself to invest EUR 20 million in EIF’s fund for Central and Eastern European businesses
- HBOR is the fourth investor in the Three Seas Initiative Innovation Fund seeking to mobilise EUR 1 billion for investments in private equity, venture capital and private credit funds as well as to support growth-stage companies
- EIF matches HBOR’s contribution
HBOR's commitment increases the total investment in the Innovation Fund from national contributions to EUR 80 million. The EIF, as part of the European Investment Bank (EIB) Group, plans to match all contributions to the Three Seas Initiative Innovation Fund. The Initiative supports investments in businesses past the early phase of development that are based in countries between the Baltic, Black and Adriatic seas.
"The latest expansion of the Three Seas Initiative Innovation Fund is excellent news for Central and Eastern European businesses. HBOR's contribution and EIF's matching investment will allow the Three Seas Initiative Innovation Fund to support even more companies," said Marjut Falkstedt, EIF's Chief Executive. "Pooling national resources across Central and Eastern Europe is key to driving competitiveness, deepening the EU internal market and accelerating climate action. This initiative is an important boost for innovation and new jobs in these countries," concluded Falkstedt.
"I am extremely glad that HBOR has become part of the Three Seas Initiative Innovation Fund. By joining forces with the EIF and other financial institutions in the region, we create the basis for strengthening competitiveness and sustainable development. Our participation in the Fund will certainly increase our interconnection and contribute to the growth of Central and Eastern European economies by providing capital that is crucial for innovation and strengthening global competitiveness,” said Hrvoje Čuvalo, President of HBOR’s Management Board.
The 3SI Innovation Fund targets the participation of up to nine countries in the region - Croatia, the Czech Republic, Hungary and Poland included - and the size of EUR 180 million for investments in private equity, venture capital and private credit funds. The overall goal is to mobilise some EUR 1 billion of new financing and bolster business growth in Central and Eastern Europe, where such funding has been relatively scarce and where meeting market demand is important for sustainable development and maintaining global competitiveness.
"Innovations are the key to competitiveness and there is a positive correlation between investment in innovations and competitiveness of the economies of individual countries. Therefore, owing to EU funds, we have significantly increased investment in innovations in the past few years, and this fund is another in a series of instruments with which we strengthen the innovation ecosystem and enable entrepreneurs from Croatia, in this case from the entire region that belongs to the Initiative, to secure financial support for their innovative projects. In this way, we contribute to stronger and better competitiveness of the Croatian and European economies," stressed on this occasion Šime Erlić, Minister of Regional Development and EU Funds.
EConomIC integraTiON AND global COMPETITIVENESS OF THE EU
Funds of funds targeting innovation and growth while heeding the need for climate action play a crucial role in fostering sustainable economic development. They channel capital into high-potential sectors that drive technological advancements and environmental sustainability. By pooling resources and investing in a diverse range of underlying funds, the funds of funds reduce risk for investors while amplifying the impact across multiple innovative ventures, including clean energy, green and cutting-edge technologies.Such funds can help bridge financing gaps for companies developing climate-friendly solutions, which are essential for meeting global environmental targets. In turn, these investments stimulate job creation, increase productivity, and position economies to be more resilient and competitive in a rapidly evolving global market focused on sustainability.
BACKGROUND informaTION
European Investment Fund (EIF)EIF is part of the European Investment Bank (EIB) Group celebrating its 30th anniversary this year. Its central mission is to support Europe’s small and medium-sized enterprises (SMEs) by helping them access finance. The EIF designs and develops venture and growth capital, guarantee and microfinance instruments that specifically target this market segment. In this role, it contributes to the achievement of key EU policy goals such as competitiveness and growth, innovation and digitalisation, social impact, skills and human capital, climate action and environmental sustainability.
HBOR
The Croatian Bank for Reconstruction and Development is a development and export bank and export credit agency of the Republic of Croatia whose main task is to promote the development of the Croatian economy. By providing loans, investing in venture capital funds, insuring exports against political and commercial risks, issuing guarantees and providing business consulting, HBOR works to strengthen the competitiveness of the Croatian economy.