Business women receive welcome boost in Croatia

Micro, small and medium enterprises (MSMEs) are soon to benefit from a deal between the European Bank for Reconstruction and Development (EBRD) and Raiffeisenbank Austria (RBA).

The deal, signed in Zagreb at a Deloitte arranged event, is set to see the EBRD loan up to €20 million to Raiffeisen to be used to help support the MSMEs with a particular focus on the women-led businesses. €5 million of the loan is to be used for women-led businesses as the importance of smaller businesses in Croatia grows. This latest loan is said to be just the beginning as the EBRD launches its ‘Women in Business’ programme across the country. This deal marks the first loan of this kind, with the amount set aside for women, as it looks to increase women’s participation in the business world.

The President of the Management Board of RBA, Michael Georg Muller has said “The Raiffeisen Group is working very closely with international and local development institutions who share our goals. The new credit line marks the successful continuation of our cooperation with the EBRD and stresses the importance of female entrepreneurship in Croatia. It highlights the advantages of cooperation between development banks and commercial banks. RBA will channel the funds from the credit line to SMEs with a focus on female entrepreneurs, which are a vital part of the economy and valuable drivers of competitiveness and employment.”

The EBRD Director for Croatia, Vedrana Jelusic Kasic added “This is an important day for us because we welcoming our long-standing partner Raiffeisenbank Austria Zagreb into our ‘Women in Business’ programme. Strengthening the role of women in the economy is an important element for our society and it also makes economic sense. We are pleased that Raiffeisen has decided to stand at the forefront of these efforts and we welcome other interested banks to join our programme.”

This deal continues the long-standing support from the EBRD in Croatia, who have set up more than 170 projects to date and invested over €3 billion. The infrastructure, financial institutions, corporate and energy sectors have been the main beneficiaries of this.