Vlachopoulos (Piraeus Bank): Strategy for financing investments in the tourism sector

Vlachopoulos (Piraeus Bank): Strategy for financing investments in the tourism sector

Piraeus Bank’s strategic choice is to finance investments in the tourism sector, which has strong growth prospects and high added value for the economy and local communities, said Mr. Thanos Vlachopoulos, General Manager, Head of Corporate Banking, during a press conference in which the 5th International Hospitality Forum organized by the Hotel Chamber of Greece was presented.

Piraeus Bank is one of the supporters of the International Forum in which important executives of the global tourism market participate, in the context of the Bank’s long-standing relationship with the tourism industry, currently having loans of 2.2 billion euros to hotel companies.

As Mr. Vlachopoulos stressed, Piraeus Bank is a key partner of Greek tourism companies in their efforts to turn challenges into opportunities to redefine goals and modify their business model, while adopting and developing practices that will provide resilience, flexibility and flexibility. competitiveness in the country’s tourism product.

The pandemic in the global economy, and consequently in the industry, was unprecedented, but the growth prospects in the medium to long term are strong, said Mr. Vlachopoulos, referring to the Bank’s support for companies affected by the pandemic crisis. percentage of those who received moratoria and facilities in the two years 2020-2021 to reach 80%.

The next day includes new investments for tourism businesses in the areas of efficient and responsible management of natural resources, energy and waste, the adoption of practices that promote sustainability, the digital transition and healthy growth, through acquisition and development new hotel units or the upgrading and expansion of existing ones, stressed the Head of Corporate Banking of Piraeus Bank and added that investments in infrastructure, including the upgrade and expansion of airports, ports and the road network as well as a utilities, such as waste management, are expected to improve connectivity with the Greek islands and enhance tourism development prospects.

“Piraeus Bank, as the largest bank in Greece, has the know-how, specialized staff and financial tools to support the investment plans of reputable companies and groups, especially those that, in line with European and international directives, promote green and sustainable development and sustainability “, said Mr. Vlachopoulos.

The Bank has already provided new financing of 4.6 billion euros by the end of September, with 50% of this being channeled to small and medium-sized enterprises, mainly in the manufacturing, logistics, tourism, trade and primary sectors. production sector and aims to disburse new loans amounting to 5.7 billion euros for 2021, while it has committed to channel resources to the economy of 6 billion. euros in 2022 mainly in sectors and investments that serve sustainability.

According to Mr. Vlachopoulos, Piraeus Bank is the first Greek bank to proceed with financing with sustainability linked loans and from June 2020 until today it has concluded 14 contracts, with a total amount of financing reaching approximately 210 million. by the end of the year is expected to sign five additional loan agreements in this category.

In addition, the Bank provides financing programs, in cooperation with Development Agencies (TEPIX, EEGGF Guarantee Fund & PF4EE Business Financing Program) and within 2021, designed and provides a new product, Tourism Sunrise, to meet the needs of the industry by its restart after the pandemic.

Mr. Vlachopoulos made a special reference to the Recovery Fund, which is an additional, important tool through which the tourism industry could find a solution for the required investments that will be needed to meet the new challenges in the post-Covid era, such as example,

Acquisition of energy management systems

– Reduction of energy costs

– Water resources management – rational water management

– Waste management

Acquisition or development of management tools and finally opportunities to increase in size through extensions and acquisitions.

The entire hotel industry can, utilizing the resources of the Recovery Fund, upgrade the product offered, maximize the benefit for both shareholders and society, making a number of investments, which are part of the pillars of the Fund and at the same time enjoying significant reduced average financing costs, Mr. Vlachopoulos underlined.

In closing, Mr. Vlachopoulos expressed the firm belief of Piraeus Bank in the potential of the country and especially the tourism sector, while emphasizing the Bank’s commitment to make every effort for the development and progress of the country, playing a leading role in restarting and developing the Greek economy. , but also its strategic position in supporting companies that meet the challenges of the new era, with an emphasis on extroversion.

SOURCE: AMPE

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Source From: Capital