EBRD to Present New Strategy for Property, Tourism Sectors at Greece Event

The European Bank for Reconstruction and Development (EBRD) next week will present its new strategy for the property and tourism sectors, at an event in Piraeus, Greece, on Tuesday, October 8.

According to an announcement, greener buildings, supporting urban regeneration and promoting inclusive tourism with links to the local economy are at the heart of the strategy.

“A vibrant property and tourism sector is crucial for functioning economies,” Vlaho Kojakovic, EBRD Head of Property and Tourism, said.

In particular, the strategy will guide the EBRD’s investments and policy work for the period 2020-24 with an emphasis on:

– managing and developing green and sustainable buildings
– investing in an inclusive and competitive hospitality and tourism sector
– promoting urban regeneration initiatives for more competitive, sustainable and greener cities
– supporting the diversification of funding sources for real estate development and ownership through capital markets, thereby facilitating the sector’s resilience.

“We are proud that the new strategy supports economic growth and promotes social inclusion in the EBRD economies, aiming to respond to challenges such as urbanisation and climate change,” Kojakovic said.

The strategy underpins the significance of the hospitality sector in driving economic growth and generating sustainable and inclusive employment opportunities.

The EBRD property and tourism strategy is in line with the UN Sustainable Development Goals and the Paris Agreement.

“A sustainable tourism sector has the potential to become a leader in creating high-quality local jobs, especially for young people and women, strengthening local supply chains and increasing regional integration and resilience,” the EBRD noted in its announcement.

To date, the EBRD has invested over 3.3 billion euros in around 200 projects in the property and tourism sector.

Between 2020-2024 the EBRD said it will target investments in commercial, logistics and residential real estate, as well as in hospitality and hotels.

“The EBRD regions have enormous potential in tourism which remains widely untapped and needs to be developed carefully and responsibly.”