Published 06. March 2018.
Valamar Riviera signed today a loan agreement with the European Investment Bank (EIB) for EUR 16 million. This is the first EIB transaction in Croatia involving the direct financing of a private sector company that benefits from the support of the EU budget guarantee under the European Fund for Strategic Investments (EFSI), the financing component of the Investment Plan for Europe, also known as the Juncker Plan.
The EIB loan will co-finance the completion of Valamar Girandella Resort with the construction of the first five-star Kinderhotel in Valamar Riviera’s portfolio. With the hotel opening in April this year, the process of repositioning destination Rabac as leading leisure destination for high-end guests will be completed. This loan is complementary to an intermediated loan of EUR 44 million granted to Valamar through Croatia’s Reconstruction and Development Bank HBOR in March 2017.
During the official signing with Valamar Riviera, EIB Vice-President Dario Scannapieco commented: “Today we have presented the results of the EIB Group in Croatia in 2017, which have reached the highest level since 2013. Disbursements, representing our contribution to the real economy, have reached EUR 729m – an increase of 28% compared to 2016. We have also signed the first direct transaction with a private sector company backed by the EFSI guarantee to support tourism in Croatia – one of the most important economic sectors, generating some 20% of Croatia’s GDP and providing 10% of employment in the country. We have also signed an agreement to further improve the quality of EIB advisory services, establishing the European Advisory Hub as the single point of entry in Croatia for support for project preparation.”
Marko Čižmek, Management Board Member at Valamar Riviera stated: “The agreement we signed today with the European Investment Bank confirms the remarkable trust that large funders have in Valamar Riviera. It is also a good example of an investment project that has been recognized by top EU institutions as it contributes to a broader development of Croatia’s economy. Valamar continually invests to develop its destinations and improve product quality and work conditions in hospitality. For Valamar, this collaboration is of utmost importance as it represents an expansion of funding resources that will help us carry out large investment projects. We hope to continue this collaboration with the EIB in future projects as part of our strategic goals that include a sustainable and socially responsible double-digit growth in results and enterprise value.“
