The European Bank for Reconstruction and Development (ERBD) and three commercial banks have provided a syndicated loan of €73 million to Croatia's Sunce Koncern hospitality corporation for balance sheet restructuring and capital investment in Croatia, the EBRD said on Tuesday.

The commercial banks are Zagrebacka Banka, Privredna Banka Zagreb and Erste & Steiermaerkische Bank’s Croatian branch. All four banks will provide €18.25 million each.

Sunce Koncern is one of Croatia’s leading tourism companies with 11 hotels along the coast, its own airport, camping ground and other tourism assets in four popular destinations.

The loan has been approved as one of the first projects within EBRD’s new Inclusive Tourism Framework for the Eastern Mediterranean, which is aimed at supporting local tourism sectors through investment in hotels and tour operators.

The loan will be supported by technical cooperation funds of up to €150,000 from the EBRD Shareholder Special Fund to support economic inclusion and promote employment opportunities for young women.

The EBRD is planning technical cooperation support for strengthening the local economy with up to €360,000 for the development and launching of an IT hospitality platform.

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