Could there be light on another continent?
The Republic of Croatia is approaching the Inter-American Investment Corporation, part of the oldest regional development bank in the world.
As Poslovni Dnevnik writes on the 24th of March, 2018, new business opportunities will be opened for Croatian business on the markets of Latin America. According to Finance Minister Zdravko Maric, this would have to involve the signing of a contract regarding the establishment of the Inter-American Investment Corporation, which was approved yesterday by the government but still requires the ultimate approval from the Parliament.
The group in question is a multilateral organisation which is part of the Inter-American Banking Development Group, funded by the private sector of Latin America and the Caribbean.
Three years ago at an assembly in South Korea, it was decided to consolidate the private sector of the Inter American Bank for Development into an Inter-American investment corporation, and Croatia’s decision to join was to be accepted as long as it accepted that. Marić pointed out that it is the oldest regional development bank in the world, founded back in the year 1959.
In this case, Croatia has chosen a membership model by means of capital transfers, meaning that the shares it holds in the Inter-American bank will be transferred to the Inter-American Corporation, so this decision does not represent any sort of particular burden on the state budget itself.
“In this way, Croatia is considering intensifying its activities and opening up opportunities for the economy on non-traditional markets such as those of Latin America,” stated Marić, announcing the cooperation with the Ministry of Foreign Affairs, HGK and HBOR, as the next step in the process.
The potential for successful activity and cooperation is huge, and the possible participation in the procurement procedures for the private sector, as well as Croatia’s proper inclusion in development projects opening on the Latin American markets, for which analysts predict strong growth within the coming years, could put a spring in the country’s step.
