Sub-projects signed under this framework
Translated version of this PSD: Greek
Project Description
Establishment of the Inclusive Tourism Framework for the Eastern Mediterranean (the "Framework") with a volume of EUR 250 million to directly address the inclusive and competitive transition gaps and maximise the local economic impact generated by hotel and tourism operators. The Framework will include debt and equity investments in projects located in Croatia, Montenegro, Greece and Turkey.
Tourism is an important driver of growth and also a main contributor to employment in the Eastern Mediterranean countries; however, many countries are struggling to maximise benefits for their economies due to a number of challenges - limited tourism expenditure, seasonality, lack of qualified staff that meet the increasing expectations of tourists for high-levels of service quality.
Within the Framework, the EBRD would support countries in upgrading their tourism operations to generate greater benefits for the economies, both in terms of employment and income for the local population, as well as generating tourism revenue for other local enterprises.
Project Objectives
The overarching objective of the Framework is to support local tourism sectors to grow and upgrade through investments in hotels and tourism operators. Financing will be coupled with support for enhanced skills and services quality, and promotion of more diversified tourism experiences through stronger backward linkages into the local economies.
These efforts of upgrading tourism and maximising its benefits for local populations require three main interventions: (1) facilities have to be upgraded to higher levels and international standards with adequate funding base tailored to the investment specific cash flows, (2) services quality requires improvements through better trainings to overcome the lack of an adequately trained workforce and (3) tourist attractions have to be diversified, involving more local suppliers and service providers.
Transition Impact
The Framework will contribute to two main transition impact qualities:
"Inclusive": through engaging with clients and other stakeholder to improve access to training and employment opportunities especially for young people. This will address a key challenge in the Framework countries and indirectly support improved services quality delivery.
"Competitive" all projects through their investment dimension are expected to contribute to the competitive quality, which will be further driven by the Bank's engagement in support of developing stronger backward linkages to local suppliers. Investments under the Framework will support the countries in their efforts to develop more diversified and sustainable tourism models that generate benefits for the local economies through employment, income and revenue opportunities.
Client information
Possible clients include private companies incorporated in the Framework countries, as well as private companies which are investing in projects in these countries that can generate impact at scale, either through a large stand-alone operation or through value chain approaches.
EBRD Finance
EUR 250,000,000
Total Project Cost
EUR 850,000,000
Environmental and Social Summary
The Framework itself is not categorised under the Bank's 2014 Environmental and Social Policy, however, each sub-project will be categorised on a case by case basis and will be subject to the Bank's individual environmental and social due diligence (ESDD) specific to the project and the client.
Based on the sub-project risk and category, an appropriate ESDD will verify that each sub-project is structured to comply with the Bank's PRs. All proposed subprojects under the current pipeline indicate that the ESDD is likely to be focused on each client's environmental and social risk management capacities as well as each subproject's environmental and social issues including legal compliance, life and fire safety, cultural heritage and ecological sensitivity of the subproject site, resettlement and economic displacement, labour and OHS issues. Some of the subprojects may require consultant's help to undertake the ESDD.
Technical Cooperation
The Bank would support skills development through TC support, aiming to (1) establish a body to develop skills standards, (2) support hotels to improve trainings and align them with such standards, (3) support cooperation with vocational and educational institutions and (4) create more attractive paths for career progression. Further technical assistance is envisaged to support the development of backward linkages into the local economies, and notably to agribusiness suppliers.
Business opportunities
For business opportunities or procurement, contact the client company.
For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com
General enquiries
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com
Public Information Policy (PIP)
The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP
