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03.03.2025.
On Friday, 28 February 2025, the Croatian Bank for Reconstruction and Development (HBOR) hosted a delegation from the Kenya Development Corporation (KDC), the Ministry of Finance of Kenya and the World Bank, as part of their visit to Croatia. This working visit was organised under the project "The Supporting Access to Finance and Enterprise Recovery" (SAFER), financed by the World Bank, with the goal of improving access to finance and strengthening the resilience of small and medium-sized companies in Kenya.
The KDC delegation, led by the Director General Norah Ratemo, and a member of Supervisory Board, Director, General Budget, Fiscal and Economic Affairs of the National Treasury of Kenya Albert Mwenda, also included representatives of individual directorates within KDC, as well as the Ministry of Finance of Kenya. The World Bank delegation was led by Matija Laco from the World Bank office in Brussels and Leah Kiwara, the project manager from Kenya.
During the visit, HBOR’s President of the Management Board Hrvoje Čuvalo, together with his associates, presented HBOR’s scope of work and operating results through examples of good practice. Special emphasis was put on promoting the development of small and medium-sized enterprises, investments in green transition and the development of the private equity market. The role of development banks in creating a favourable environment for financing entrepreneurship, with the aim of strengthening the economy’s resilience to global changes, was also discussed.
"As a development bank, HBOR has been contributing to the growth and strengthening of the Croatian economy for more than 30 years. In this context, working visits of foreign delegations such as this one are a valuable opportunity for the exchange of experience and best practices in financing entrepreneurship and promoting long-term growth. The models of financing implemented by HBOR in Croatia can serve as examples of good practice in the context of development of financial instruments in Kenya, while at the same time we learn from their experiences in encouraging the growth of strategic sectors. Also, such meetings allow us to strengthen our mutual economic ties and pave the way for future cooperation between Croatian and Kenyan entrepreneurs in sectors of mutual interest“, said HBOR’s President of the Management Board Čuvalo on that occasion, emphasising once again the importance of exchange of knowledge and experiences among development banks, especially in challenging economic conditions.
The visit of the Kenya Development Corporation delegation is a continuation of international cooperation of HBOR with financial institutions in Africa and the world, which further strengthens development initiatives and creates the foundations for future common projects. HBOR will continue to participate actively in global development initiatives and exchange of knowledge with international financial institutions, which further contributes to the development of the Croatian economy and to connecting of domestic entrepreneurs with foreign markets.
"Today's meeting with HBOR representatives was an excellent opportunity for us to gain a deeper insight into the scope and methods of work of the bank, and I can say that we were impressed by the impact that HBOR has through its support to Croatian entrepreneurs and for their investments. For the Kenya Development Corporation, this type of meeting and exchange of knowledge is of great importance in order to get acquainted with the best practices, and later implement them in our work and all future projects. It was particularly interesting for us to see how HBOR conducts the analysis of its loan placements, a model that we consider to be of extremely high quality, but also to hear more details about the financing model through financial intermediaries. We also find the mechanisms of reporting on environmental and social impacts of financing extremely useful, and we will certainly apply all this acquired knowledge in further development of KDC“, said the president of KDC Norah Ratemo.
The Kenya Development Corporation was established in 2020 through the merger of several financial institutions and is 100% owned by the Government of the Republic of Kenya. The bank provides long-term financing and investment advisory services with the aim of increasing industrialisation, strengthening agriculture, developing the energy and IT industries as well as improving the social and economic impact in Kenya. Also, KDC plays a key role in filling the financial gaps that commercial gaps cannot meet, thus enabling the financing of innovations, infrastructure and other strategic sectors.
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On Friday, 28 February 2025, the Croatian Bank for Reconstruction and Development (HBOR) hosted a delegation from the Kenya Development Corporation (KDC), the Ministry of Finance of Kenya and the World Bank, as part of their visit to Croatia. This working visit was organised under the project "The Supporting Access to Finance and Enterprise Recovery" (SAFER), financed by the World Bank, with the goal of improving access to finance and strengthening the resilience of small and medium-sized companies in Kenya.
The KDC delegation, led by the Director General Norah Ratemo, and a member of Supervisory Board, Director, General Budget, Fiscal and Economic Affairs of the National Treasury of Kenya Albert Mwenda, also included representatives of individual directorates within KDC, as well as the Ministry of Finance of Kenya. The World Bank delegation was led by Matija Laco from the World Bank office in Brussels and Leah Kiwara, the project manager from Kenya.
During the visit, HBOR’s President of the Management Board Hrvoje Čuvalo, together with his associates, presented HBOR’s scope of work and operating results through examples of good practice. Special emphasis was put on promoting the development of small and medium-sized enterprises, investments in green transition and the development of the private equity market. The role of development banks in creating a favourable environment for financing entrepreneurship, with the aim of strengthening the economy’s resilience to global changes, was also discussed.
"As a development bank, HBOR has been contributing to the growth and strengthening of the Croatian economy for more than 30 years. In this context, working visits of foreign delegations such as this one are a valuable opportunity for the exchange of experience and best practices in financing entrepreneurship and promoting long-term growth. The models of financing implemented by HBOR in Croatia can serve as examples of good practice in the context of development of financial instruments in Kenya, while at the same time we learn from their experiences in encouraging the growth of strategic sectors. Also, such meetings allow us to strengthen our mutual economic ties and pave the way for future cooperation between Croatian and Kenyan entrepreneurs in sectors of mutual interest“, said HBOR’s President of the Management Board Čuvalo on that occasion, emphasising once again the importance of exchange of knowledge and experiences among development banks, especially in challenging economic conditions.
The visit of the Kenya Development Corporation delegation is a continuation of international cooperation of HBOR with financial institutions in Africa and the world, which further strengthens development initiatives and creates the foundations for future common projects. HBOR will continue to participate actively in global development initiatives and exchange of knowledge with international financial institutions, which further contributes to the development of the Croatian economy and to connecting of domestic entrepreneurs with foreign markets.
"Today's meeting with HBOR representatives was an excellent opportunity for us to gain a deeper insight into the scope and methods of work of the bank, and I can say that we were impressed by the impact that HBOR has through its support to Croatian entrepreneurs and for their investments. For the Kenya Development Corporation, this type of meeting and exchange of knowledge is of great importance in order to get acquainted with the best practices, and later implement them in our work and all future projects. It was particularly interesting for us to see how HBOR conducts the analysis of its loan placements, a model that we consider to be of extremely high quality, but also to hear more details about the financing model through financial intermediaries. We also find the mechanisms of reporting on environmental and social impacts of financing extremely useful, and we will certainly apply all this acquired knowledge in further development of KDC“, said the president of KDC Norah Ratemo.
The Kenya Development Corporation was established in 2020 through the merger of several financial institutions and is 100% owned by the Government of the Republic of Kenya. The bank provides long-term financing and investment advisory services with the aim of increasing industrialisation, strengthening agriculture, developing the energy and IT industries as well as improving the social and economic impact in Kenya. Also, KDC plays a key role in filling the financial gaps that commercial gaps cannot meet, thus enabling the financing of innovations, infrastructure and other strategic sectors.