Recently held in Zagreb, IFC Day brought together business leaders, government officials, and international experts to spotlight opportunities in blue finance, circular economy, waste management, and capital markets. The event showcased how Croatian companies can leverage the International Finance Corporation (IFC)’s global network and financing solutions to grow and strengthen their competitiveness internationally. Ines Rocha, IFC Division Director for Europe, shares more about the event and outlines IFC’s and the World Bank Group’s plans in Croatia.
- After more than three decades of IFC engagement in Croatia, why is now the right moment to step up cooperation — and what opportunities should Croatian entrepreneurs watch most closely?
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. We operate in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities. In Croatia, we have been a partner for more than 30 years, scaling up green and blue technologies, developing capital markets, and expanding access to finance for small and medium enterprises (SMEs). IFC Day in Zagreb reaffirmed this long-term commitment by highlighting opportunities in renewable energy, sustainable tourism, green municipal infrastructure, and innovative financing solutions such as green and sustainability bonds. Croatia’s progress in circular economy, waste management, and blue finance shows the country’s potential to become a regional leader in sustainable development. At the same time, expanding capital markets are creating fresh opportunities for businesses to mobilize private capital, innovate, and grow. Together with the World Bank Group, we aim to continue supporting Croatia in building a more innovative, sustainable, and resilient economy.
2. What are IFC’s priorities in Croatia, and can you give us some concrete examples of recent investments?
Our priorities focus on three areas: boosting productivity and competitiveness, advancing the green and blue transition, and preparing the economy for the post-EU funds period by diversifying beyond tourism into sectors such as food processing, manufacturing, and logistics. In practice, this means mobilizing capital and supporting companies that drive innovation and resilience. We backed Croatia’s first blue loan in tourism with Maistra Hospitality Group. The €200 million facility will redevelop Split’s Hotel Marjan and upgrade the Vrsar Holiday Village in Istria, while protecting marine ecosystems. We anchored Zagreb Holding’s €305 million sustainability-linked bond, financing waste management and renewable energy projects that will cut landfill waste by 132,000 tons and raise renewable use to 70 percent by 2028. And together with Raiffeisen Bank Croatia, we supported an MREL bond of up to €40 million—our first blue finance project in Croatia’s financial sector—channeling funds into green buildings, SME energy upgrades, small renewables, sustainable tourism, and agriculture. With a current portfolio of $638 million and more than $2 billion invested in Croatia since 1991, IFC is committed to helping the country decarbonize, scale innovation, and build a more competitive and resilient economy in line with EU goals.
3. Croatia is often described as being at a crossroads—growth fueled by EU funds and tourism is reaching its limits. How can private investment, innovation, and a faster green transition drive the country’s next phase of development?
Croatia has achieved remarkable progress and is now at an important turning point. There is a real opportunity to boost productivity, expand private sector dynamism, and prepare for the future by investing in skills, green jobs, and innovation. The gradual decline of EU inflows highlights the need to diversify growth drivers, but it also creates momentum to strengthen competitiveness and build a more resilient economy. The opportunities are clear. By improving access to finance for smaller enterprises and fostering technology adoption, Croatia can raise productivity and expand higher-value sectors. Scaling up renewable energy, energy efficiency, and resilient infrastructure will accelerate the green transition while creating quality jobs. The country’s euro and Schengen membership, combined with its strategic position in Europe, can attract new value chains and logistics hubs. And with 6,000 kilometers of coastline, Croatia can harness its blue economy—sustainable tourism, fisheries, and marine industries—while protecting natural resources. The new World Bank Group–Croatia Country Partnership Framework for 2025–30 will support this next phase, advancing reforms and mobilizing private investment to unlock the country’s full potential and deliver sustainable, inclusive growth.
4. Croatia is the first country where IFC is supporting SMEs through the SkillUp program. Why was Croatia chosen to launch it, and what results do you expect?
We see Croatia as the ideal place to launch SkillUp, with its strong economic potential, entrepreneurial spirit, and opportunities to drive innovation. The country’s smaller businesses are eager to grow and expand internationally, which aligns well with the program’s objectives. SkillUp will help them strengthen resilience, adapt more quickly to rapid changes in the economy, and seize new opportunities. Equally important, SkillUp will serve as a demonstration of how World Bank Group support can advance the SME sector, offering inspiration to other countries in the region and beyond. Building a business is never easy—international success requires persistence, patience, and the right support. That is what makes SkillUp unique: it gives Croatian business leaders access to global mentors, networks, and knowledge that can open doors to expansion beyond national borders.
5. SkillUp offers a wide range of learning formats—from specialized workshops to inspiring stories of successful entrepreneurs. How will this combination benefit Croatian SMEs?
The strength of SkillUp lies in its comprehensiveness. It combines practical workshops with tailored advisory support, allowing entrepreneurs to learn from real-life situations. This mix of knowledge, experience, and practice makes the program highly relevant. It is also a networking platform. Through IFC’s global network of partners, entrepreneurs gain additional support, contacts, and opportunities for growth. By the end of 2025, 150 CEOs of Croatian companies will participate—firms with 10 to 250 employees, annual revenues of at least €500,000, and at least three years of operations. With €4 million in EU funding through NextGenerationEU, implemented by the Ministry of Economy with IFC’s support, SkillUp will deliver lasting impact. At IFC, we are proud to support this program. When entrepreneurs are given the right tools, it is not only their companies that grow—they transform their communities and create pathways for others to follow.
6. As EU funds gradually decline, Croatia’s future growth will depend more on private capital. How will IFC’s program in Croatia—guided by the IFC 2030 Strategy—support this transition?
Looking beyond EU funding, Croatia’s future growth will rely more on private investment—and this is where IFC can make a real difference. Guided by our IFC 2030 Strategy, we are focusing on three main areas.
First, innovation and jobs: channeling more capital into private equity, venture funds, and startups—especially in clean and sustainable technologies—while expanding access to finance for SMEs and underserved groups through sustainable bonds and risk-sharing tools.
Second, the green and blue transition: financing renewables, energy efficiency, circular economy projects, and cleaner municipal services, as well as exploring opportunities in maritime decarbonization along Croatia’s coastline. Importantly, we aim to crowd in institutional investors so that private capital is mobilized at scale for climate action.
Third, capital markets and sustainable finance: building on landmark bonds we have supported in recent years, we want to deepen Croatia’s capital markets, attract long-term investors, and scale green, blue, and sustainability-linked instruments. These projects not only help Croatia meet EU and global ESG standards but also showcase innovative approaches under IFC 2030.
In short, our role is to mobilize more capital, support innovation, and help Croatia’s private sector lead the green and blue transitions—so the economy remains resilient, competitive, and inclusive in the years ahead.