Beginning with the 2008 global economic downturn and Eurozone crisis, Croatia's economy entered a recession that lasted until 2016. While still in the midst of its recession, Croatia officially became the 28th member state of the European Union (EU) on July 1, 2013. Croatia's entrance into the EU, combined with continuing financial troubles, shifted the World Bank's primary focus away from infrastructure and towards institutional financial restructuring. The World Bank financed lending projects to help Croatia converge with the EU, as well as to help the Croatian National Bank develop a financial policy that would improve Croatia's financial prospects. Following Croatia's emergence from its recession, lending from the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC) fell sharply to 22 million in 2016, compared to $279 million in the previous year. However, in 2017, the World Bank's commitments rose to a new high of $394 million.