Provision of a credit line of up to EUR 100 million under the Inclusive Tourism Framework for the Eastern Mediterranean (the "Framework" OpID 49430) to Erste & Steiermarkische Bank d.d. in Croatia ("ESB").
The credit line will be used by ESB to finance investments for private tourism enterprises in Croatia and Montenegro. Sub-borrowers will be able to use the funds to finance hotels, marinas, camping, entertainment, tour operators and other tourism activities. The focus is on providing funds for upgrading, renovation and long-term growth of the sector in both countries, while improving access to training and employment opportunities and promoting backward linkages to local suppliers.
ETI score: 70
The loan will support youth and gender inclusion by training and establishing new or substantially enhanced cooperation programmes with local universities or vocational schools, which will facilitate training opportunities in a relevant field. Additionally, the project will support integration of a significant number of local/regional suppliers into the tourism value chains through the dedicated technical cooperation and relevant policy dialogue activities.
ERSTE & STEIERMARKISCHE BANK DD
Erste & Steiermarkische Bank d.d. originates from the former regional banks - Rijecka, Bjelovarska, Trgovacka and Cakovecka banka and has been operating under the current name since 1 August 2003. Today it is a modern bank, ranked third on the Croatian market by total assets, being a part of the international Erste Group, one of the leading financial service providers in CEE. ESB's registered office is in Rijeka and its headquarters are in Zagreb.
EBRD Finance Summary
Total Project Cost
Environmental and Social Summary
Categorised FI: (ESP 2014). ESB is an existing client and is in compliance with EBRD's Performance Requirement (PRs) 2, 4 and 9.
A recent EBRD E&S monitoring visit to ESB confirmed that the bank's Environment and Social Management System (ESMS) has been formalised as required by Erste Group's Policy. An Environmental and Social Management Plan (ESMP) addressing improvements in regards to ESMS has been agreed with ESB. ESB will be required to continue to comply with the EBRD's Environmental and Social Risk Management Procedures for Corporate Loans, SME and Micro Loans and submit annual environmental and social reports on its compliance with the ESMP and the PRs.
Technical Cooperation and Grant Financing
Technical cooperation under the Inclusive Tourism Framework for the Eastern Mediterranean will contribute to the enhancement of industry practices on inclusion, including youth and gender, as well as backward linkages.
Company Contact Information
+385 (0) 72 37 1700
PSD last updated
14 Jan 2020
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Independent Project Accountability Mechanism (IPAM)
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