Development banks

Published: 31/1/2015
The Republic of Croatia is a member of a number of international development banks, among which, at the global level, of the World Bank and, at the regional level, of the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Council of Europe Development Bank (CEB) and the Inter-American Development Bank (IADB).

 

The World Bank, like the IMF, was created in 1945 on the basis of the Bretton Woods agreement. The World Bank Group today comprises the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA) and the International Centre for the Settlement of Investment Disputes (ICSID). Pursuant to the Law on Accepting Membership of the Republic of Croatia in the International Monetary Fund and Other International Financial Organizations on the Basis of Succession the Ministry of Finance of the Republic of Croatia is designated as the body responsible for cooperation with the World Bank, authorised to perform operations and transactions on behalf of the Republic of Croatia permitted under the Bank's Articles of Agreement. The Minister of Finance is the Governor of the World Bank for the Republic of Croatia and Deputy Minister of Finance is the Alternate Governor.

The Republic of Croatia is a member of the following regional development banks: the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Council of Europe Development Bank (CEB) and the Inter-American Development Bank (IADB). The membership of the Republic of Croatia in these banks is regulated by special regulations. Under their provisions, the Ministry of Finance is designated as the body responsible for the cooperation with these banks, and it is authorised, on behalf of the Republic of Croatia, to perform all operations and transactions permitted under the memoranda of association of these institutions.