Eurobank offered 750 million euro funding to Greek hotels

Published on : Thursday, May 21, 2020

Eurobank is all prepared to disclose a 750 million euro ($821 million) funding package to assist Greek hotels and tourism sector, which has been massively impacted by the crisis of coronavirus.


Reviving the tourism sector that provides employment to every one individual in five in Greece, is considered as central to lessening the impact of an anticipated huge slump, with the European Commission estimating the economy of the country may contract by 9.7% in 2020.


“Eurobank is the bank of Greek tourism, we are there not only for the sunny days,” Eurobank’s CEO Fokion Karavias told reporters on Tuesday. “Supporting the hotels sector, the heart of the tourism industry, is important for the economy.”


The third-largest lender in Greece, the Eurobank has recently explained that it will provide hotel operators over 250 million euros of immediate liquidity to help cover their financial needs in 2020.


Also, until the end of next year, it will suspend repayments of loan principal for borrowers with loans which were performing up to the end of 2019.


Also, the financial organization will fund about 300 million euros of already approved projects in tourism and hospitality, its executives said.


Banks in Greece is working hard to lessen a pile of about 75 billion euros in bad loans, the legacy of a debt crisis that shrank the country’s economy by a quarter.


(No Like Yet)

Related Posts

Tags: ,

Comments are closed.

arrow2Follow TTW
 
facebook-logo  twitter-logo  LinkedIn_logo  rss_logo 
ttw_blogger_logo  ttw_blogger_logo

ADVERTISEMENT

  • 02 ITB asia 2020
  • 11 Aviation Festival Asia 2020
  • 12 ITE Hong Kong 2020
  • 13 IMEX 20
  • 15 Digital Travel EU 2020
  • 15 Routes Asia 2020
  • 16 G&A 2020
  • 16 TAAPE 2020
  • 17 AAA-banner 2020
  • 18 WCTIE 2020
  • 20 GWS-2020
  • 23 emitt 21
  • 30 PATA

TRAVEL INDUSTRY EVENTS

    1. AIR CONVENTION ASIA 2020

      June 9 - June 11
    2. HOTELEX 2020

      June 15 - June 18
    3. B-TRAVEL 2020

      June 19 - June 21
    4. Forum de l’Investissement Hôtelier Africain

      July 7 - July 9
    5. DRT SHOW SHANGHAI

      July 17 - July 19
Get our toolbar!
Review www.travelandtourworld.com on alexa.com