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€361m from EU cohesion policy to support Croatia’s economy

€361m from EU cohesion policy to support Croatia's economy

ZAGREB, Dec 22 (Hina) – The European Commission on Monday approved the modification of the Competitiveness and Cohesion Operational Programme to redirect €361 million from the Cohesion Fund to support Croatian small and medium sized enterprises struggling with the effects of the crisis caused by the coronavirus pandemic.

The funding will top up the liquidity provided by a dedicated financial instrument under extremely favourable conditions, the Commission said.

“I commend Croatia’s decision to use the flexibility provided under the Coronavirus Response Investment Initiative to reinforce the measures mitigating the impact of the crisis. This is yet another example of how EU Cohesion policy is there to lend a helping hand and to leave no one behind,” Commissioner for Cohesion and Reforms Elisa Ferreira said.

After the outbreak of the coronavirus pandemic, the Commission has used flexibility to allow any unspent money from structural and investment funds to be fully mobilised. The flexibility is provided through transfer possibilities across different cohesion policy funds.

Under the Competitiveness and Cohesion Operational Programme 2014-2020, Croatia has access to €6.881 billion, including €4.321 billion from the European Regional Development Fund and €2.559 billion from the Cohesion Fund.

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