Croatia is a small, open economy and thelatest entrant to the European Union. After being severelyaffected by the global financial crisis, Croatia’s economyis recovering, with growth averaging around three percentover the last four years. The over-arching objective of theWBG Country Partnership Framework (CPF) is to play acatalytic role in supporting institutional improvementsneeded for a sustainable trajectory towards EU convergenceand eventual IBRD graduation. This CPF would supportinterventions to address Croatia’s climate vulnerabilitiesand protect its natural environment. This would be achievedprimarily through ongoing and prospective advisory services,but also through potential WBG investments, including fromIFC, and potentially from MIGA guarantees. The CPF willcover a five-year period (FY19-24) with one Progress andLearning Review (PLR). This approach includes a relativelynarrow results framework that builds primarily on theongoing portfolio and the nature of RAS-financedengagements. The PLR would provide an update on key areas ofinstitutional weakness, including to measure progressagainst EU peers where benchmarks are available. While theWBG may contribute only modestly to these outcomes, itexpects to play a catalytic role, and monitoring outcomeindicators which are comparable across the EU will beparticularly important to track progress in the areas on thecritical path to accelerate convergence.
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