HBOR Successfully Passed the Accreditation of the European Commission

The Croatian Bank for Reconstruction and Development (HBOR) has successfully completed the process of obtaining accreditation from the European Commission, thereby gaining the authority to directly manage European Union funds, it was announced on Thursday by HBOR.

This places HBOR among a small number of development banks from the European Union that have successfully completed the demanding procedure before the European Commission, further confirming the high level of quality and professional standards in HBOR’s operations, the bank stated.

The European Commission has informed HBOR of the successful completion of the Pillar Assessment process in obtaining accreditation as an implementing partner for centralized EU financial instruments.

The European Commission, in cooperation with a selected external auditor, conducted a thorough and extensive assessment to determine whether HBOR meets the requirements of the Financial Regulation applicable to the general budget of the Union. The Commission evaluated various aspects of HBOR’s operations, including the internal control system, external audit, accounting system, financial instruments, access to financing, disclosure of information about recipients, and the protection of personal data.

Through a successful assessment, HBOR has gained the authority to directly manage European Union funds.

– The results of the assessment confirmed HBOR’s ability to ensure the protection of the EU’s financial interests at a high level of expertise in a manner comparable to that used by the Commission when directly managing the EU budget. Through this significant success, HBOR joins the prestigious circle of a small number of financial institutions authorized to directly manage European Union funds – it is stated in the announcement.

– This represents an extraordinary, and I dare say, a historic success for HBOR, marking a new milestone in the history of our institution. (…) This success not only represents a significant step forward for HBOR, allowing us to directly apply for EU funds without the need for intermediaries, but also opens new opportunities for the development of innovative financial instruments – stated the CEO of HBOR, Hrvoje Čuvalo.