Financial Instruments delivering ESI Funds

On 24 November 2015, financial instruments delivering ESI Funds were discussed at a seminar in Zagreb, Croatia. This seminar was part of a series of seminars which will be conducted in 24 EU Member States into 2016.

Around 100 people participated in the seminar in Zagreb, including representatives from managing authorities and audit authorities, as well as from the banking and consultancy sectors.

Following the opening speech by Mr Jakša Puljiz, Deputy Minister, Ministry of Regional Development and EU Funds, the state of play of financial instruments in Croatia was presented. In addition, participants had the opportunity to learn more about the JEREMIE experience in the Languedoc-Roussillon region, as well as the JESSICA experience in three regions of Italy: Sicily, Campania, Sardinia. In addition to the case study speakers, Srđan Kovačević, from the Croatian Pension Investment Company, was one of the panellists contributing to the discussion.

The European Commission’s Directorate-General for Regional and Urban Policies presented key novelties and official guidance concerning ESIF financial instruments. This was complemented by a presentation from the European Investment Bank on how fi-compass can help Member States to advance with financial instruments. Two parallel workshops during the seminar in Croatia focused on hands-on work following the life cycle of financial instruments with particular emphasis on the design phase. The participants actively discussed possible approaches and their own practical experience with a number of crucial issues regarding designing financial instruments and concerning the market assessment needed for the ex-ante assessment.

It was clear from the seminar that there is a high level of interest in financial instruments in Croatia. The discussions highlighted: the challenge of a lack of venture capital in Croatia; the importance of starting early with the preparation of financial instruments; and that more specific workshops and advisory services could be beneficial for exploring the use of financial instruments.