HBOR (Croatian Bank for Reconstruction and Development) and Miga (Multilateral Investment Guarantee Agency), a member of World Bank Group, have signed a memorandum of understanding which aims to determine key areas of cooperation between the two institutions.
HBOR and Miga will cooperate in providing support to foreign direct investment, primarily through insurance and reinsurance of projects in which one or the other institution issues guarantees or insurance policies for investments. The agreement would also enable more intensive experience and know-how transfer in the field of political risk insurance.
For its part, Miga has been very active in the western Balkan region, and has issued six guarantees for projects in Croatia.
HBOR was established in 1992 by the Republic of Croatia as a financial institution entirely owned by the state with the main task of financing economic and infrastructure reconstruction and development. As Croatia’s sole specialised development and export finance bank, HBOR supports the government’s economic and development policies, in particular by promoting exports through export credit financing and insurance, financing infrastructure projects, and promoting small and medium-sized enterprises.