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.