HBOR successfully completes the process of obtaining accreditation from the European Commission

02 April 2024

The Croatian Bank for Reconstruction and Development (HBOR) has successfully completed the process of obtaining accreditation from the European Commission and has received authority to directly manage the funds of the European Union. Thus, HBOR has become one of the small number of European Union development banks that have successfully completed this demanding procedure before the European Commission, which has additionally confirmed the high level of quality and professional standards of HBOR's operations.

The European Commission informed HBOR about the successful completion of the process of assessing pillars, rules and procedures (Pillar Assessment) in obtaining accreditation as an implementing partner for EU centralised financial instruments. The European Commission, in cooperation with a selected external auditor, carried out a thorough and comprehensive assessment to determine whether HBOR fulfilled the requirements of Article 154, paragraph 4, point (f) of the Financial Regulation (EU) 2018/1046 applicable to the general budget of the Union. The Commission evaluated various aspects of HBOR's operations, including internal control system, external audit, accounting system, financial instruments, access to finance, publication of information on recipients and protection of personal data.

Based on the successful assessment, HBOR obtained the authority to directly manage the funds of the European Union. The results of the assessment confirmed the ability of HBOR to ensure the protection of the financial interests of the EU at a high level of expertise in a manner comparable to that used by the Commission when directly managing the EU budget. By this significant success, HBOR joined the prestigious circle of a few financial institutions authorised to directly manage the funds of the European Union.

"This is an extraordinary, and I may say historic, success for HBOR, which marks a new turning point in the history of our institution. We are extremely proud that HBOR has successfully passed the complex pillar assessment accreditation process, making us part of a small group of financial institutions in the European Union holding this prestigious accreditation. This success not only represents a big step forward for HBOR, enabling us to directly apply for EU funds without the need for intermediaries, but also opens up new opportunities for the development of innovative financial instruments. Our goal is to make the most of these new opportunities in order to intensify support for the growth and development of the Croatian economy. We plan to direct our resources and expertise towards the projects that will contribute to sustainable development, innovation and digitisation, thereby strengthening the competitiveness of our economy at the international level," said Hrvoje Čuvalo, President of the Management Board of HBOR.

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