World Bank Aids Croatia’s Sustainable Economic Recovery

The World Bank has committed €150 million ($221 million) to promote sustainable economic recovery in Croatia.

The loan is the first of two development policy loans to support the implementation of the country’s economic recovery program. It focuses on two areas: private sector development and fiscal consolidation by adjusting expenditures for public administration, health, pensions and social welfare.

“We are pleased that the Croatian authorities are moving forward with the implementation of the Economic Recovery Program and that important reforms to promote sustainability of public finances are under way,” Peter Harrold, the World Bank’s country director for Central Europe and the Baltic countries, said in a news release. “At the same time, we encourage the authorities to accelerate reforms, since deepening reforms before entering the European Union will maximize the benefits that Croatia derives from membership.”

Read more development aid news.

About the author

  • Eliza Villarino

    Eliza Villarino currently manages one of today’s leading publications on humanitarian aid, global health and international development, the weekly GDB. At Devex, she has helped grow a global newsroom, with talented journalists from major development hubs such as Washington, D.C, London and Brussels. She regularly writes about innovations in global development.