Its goal is to improve Croatia's institutional framework, unleash the potential of underused assets and introduce a more proactive real estate management system, the statement said.

The program was developed at the suggestion of the Ministry of Physical Planning, Construction and State Property, funded by the EU through the Technical Assistance Instrument (TSI), while the EBRD in cooperation with the European Commission's Directorate General for Structural Reforms (DG REFORM) will support its implementation .

State Secretary of the Ministry of Physical Planning, Construction and State Property Sanja Bošnjak said that they expect that this project will enable key and comprehensive reform for better management and faster and more efficient activation of unused state real estate.

"The project is in line with the defined reform within the National Recovery and Resilience Plan, and in the long run, the project results will have a positive impact on the state budget, economic growth and overall improvement of economic efficiency," said Bošnjak. .

As stated in the statement, the line ministry oversees a significant but heterogeneous real estate portfolio that lacks a clear and unified approach to data collection and management. For this reason, the Ministry is seeking to introduce a more proactive approach to real estate management in order to increase efficiency and contribute to fiscal sustainability.

As part of the program, an assessment of the existing legal framework and institutional capacity for state property management will be conducted and possible improvements will be outlined. In doing so, the Ministry intends to introduce a methodology that will contribute to a more effective reduction of the existing real estate portfolio, thus achieving activation and better disposal of unused assets.

EBRD Director for Croatia Victoria Zinchuk said she was looking forward to working with the Union and the Ministry to help Croatia implement this important reform, which will help strengthen its institutional capacity and unlock the potential of underutilized state-owned assets.

“Optimizing state-owned assets can help attract important investments that can boost a country’s social and economic development,” Zinchuk argued.

Mario Nava, Director General of the European Commission's Directorate-General for Structural Reforms, said he was pleased to be able to support state-owned real estate reform in Croatia.

"More efficient management of state property is an important part of the economy that can significantly contribute to the recovery at the level of the European Union and this member state," Nava said.

Source: Seebiz