Supports sustainable community development through ethical financing.
Ethical Bank ZEF, initiated by the Cooperative for Ethical Financing in Croatia, aims to be the country's first ethical development bank. Founded in 2014, ZEF focuses on investing in community development through financially, socially, and environmentally sustainable projects. The bank prioritizes areas such as agriculture (especially organic), renewable energy, small and medium-sized enterprises, digitalization, social entrepreneurship, and support for new entrepreneurs. It offers loans with interest rates capped at 4% and provides free basic banking services to members. ZEF operates on a cooperative model, with all members co-owning the bank and having equal voting rights regardless of their financial contribution. This structure ensures democratic decision-making and transparency in financial operations. While specific financial resources and typical project financing amounts are not publicly disclosed, ZEF has over 1,300 members, including both individuals and organizations. The combined annual revenue from members' goods and services exceeds 250 million euros. To receive funding, projects must meet criteria of financial sustainability, positive ecological impact, and social benefit. ZEF has supported various initiatives, including setting up Croatia's first green electricity supply and financing projects in agriculture, architecture, IT, media, and food production sectors. The bank's innovative approach combines traditional banking services with modern fintech solutions, aiming to create a more ethical and sustainable financial ecosystem in Croatia.