EUR 100 million for tourism development in Montenegro and Croatia
EBRD European Bank for Reconstruction and Development through a Credit Facility of EUR 100 million to the Croatian Erste & Steiermärkische Bank (ESB) d.d. supports the development of the tourism sector in Croatia and Montenegro. The funds are intended for sustainable investments in private catering and hotel companies and related tourist activities.
Erste Bank in Croatia is the first financial institution to receive credit under the EBRD’s Eastern Mediterranean Inclusive Tourism Program.
The program is a comprehensive approach of financing the tourism sector with a focus on a broader, faster and more systematic approach of financing tourism and related sectors. The program and the approved credit line have the goals to increase employment opportunities for young people and women through work practice in Montenegro, and by collaborating with local universities and vocational schools through the establishment of new or improved vocational programs, promote professional work practices and equal employment opportunities policies, and strengthen linkages with local suppliers through the cooperation of all relevant stakeholders. This is crucial for better development of local value chains and deeper integration of local farmers in Croatia and Montenegro.