Today in Genoa, the European Investment Bank (EIB) signed a contract with Costa Crociere, Italy's leading tourism group, for a direct loan of EUR 550m.
The operation is aimed at supporting the five-year plan to develop the fleet of Costa Crociere, which plans to introduce five new ships by 2012, via an aggregate investment of EUR 2.4bn.
In granting this loan, the EIB recognises the importance of boosting tourist flows, with particular emphasis on the so-called Areas of Convergence within the European Union and in the Mediterranean region and on the positive impact on direct and indirect employment. The expansion of Costa Crociere’s fleet will be accompanied by an increase in the company’s staff. A significant employment boost is also expected, driven by both the construction of the ships and the economic benefits that they will bring to the areas in which they will operate.
The EIB loan will help to finance the construction of four of the five new ships, all of which are to be built by Fincantieri. They belong to a new generation of tourist vessels with innovative technological, environmental impact and operational features.
The EIB was represented by Dario Scannapieco, Vice-President with responsibility for financing operations in Italy, Malta and the Balkans, and Costa Crociere was represented by its Chairman and CEO, Pier Luigi Foschi.
"This loan to an operator of the size and experience of Costa Crociere highlights the importance that the EIB attaches to the economic development of the tourism sector, not just in Italy but in all Mediterranean countries", remarked Mr Scannapieco. "It should also be pointed out that Costa Crociere will rely on the technology of Fincantieri, Italy’s leading shipbuilding group, with major knock-on effects for direct and indirect employment in that sector".
Note to editors:
The European Investment Bank supports the political and strategic objectives of the European Union by granting long-term loans for economically sound investment projects. The EIB’s shareholders are the 27 EU Member States. Italy is one of the four leading shareholders, along with the United Kingdom, Germany and France, each holding a 16.2% stake in the Bank). At end-2008, the EIB’s total financing amounted to EUR 355bn, of which EUR 45bn went to Italy.