Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

Croatia

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Proposed

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Sep 9, 2026

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Erste & Steiermarkische Bank d.d.

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Climate and Environment
Energy
Finance

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Guarantee

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 126.89 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 110
Converted using 2026-06-09 exchange rate.

Project Cost (USD)

$ 158.61 million

Bank Documents

PSD translation (Croatian)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 9, 2026

Disclosed by Bank Jun 9, 2026

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Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the project consists of an uncapped unfunded portfolio risk sharing in the amount of up to EUR 110 million, to be provided by the EBRD as an InvestEU implementing partner to Erste & Steiermarkische Bank d.d. ("EBC"), as an eligible partner financial intermediary ("PFI") in Croatia under the EBRD's InvestEU Green Uncapped Portfolio Guarantee Framework. The guarantee will cover EBC's newly generated portfolio of eligible sub-loans for energy efficiency and renewable energy investments in buildings and sustainable transport projects. The Project benefits from partial first loss risk cover from the European Union under the InvestEU Fund.

The Project aims to support the Bank's sustainable agenda in Croatia and the national green economy priorities, specifically in national building stock renovation and sustainable transport. It will bridge the funding gap in sustainable energy investments in Croatia, support the resilience of a systemic bank and expand its sustainable lending capacity.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Financial Intermediary

A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.

Erste & Steiermärkische Bank d.d. (Financial Intermediary) is owned by Erste Group Bank AG (Parent Company)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, EBC is the third largest systemically important bank in Croatia, with total assets of EUR 16 billion and an 18% market share by total assets as of 1Q 2026. EBC is wholly owned by Erste Group Bank AG (59%) and Steiermarkische Bank und Sparkassen AG (41%). EGB is an entity listed on Vienna Stock Exchange, with a market cap of EUR 38 billion as of May 2026.

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Financial Intermediary - Erste & Steiermarkische Bank d.d.:

Sanja Gracin
Email: EUDesk@erstebank.hr
Website: https://www.erstebank.hr/en/private-clients
Address: Erste&Steiermärkische Bank d.d. Ivana Lucica 2 10000 Zagreb Republic of Croatia

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html