ANNOUNCEMENT 24 Mar 2017
In March 2017, the European Investment Bank (EIB) signed a loan agreement with Valamar Riviera d.d. za turizam (Valamar Riviera) to support a project concerning the reconstruction and development of holiday facilities in Croatia.
NUMBER OF INTERVENTIONS
The European Investment Bank, Financed Projects, ISTRIAN RIVIERA DEVELOPMENT: http://www.eib.org/en/projects/loan/loan/20160590
The European Investment Bank, Project summary, ISTRIAN RIVIERA DEVELOPMENT: http://www.eib.org/en/projects/pipelines/pipeline/20160590
Valamar Riviera: https://valamar-riviera.com/en/about-us/
The European Investment Bank (EIB) approved EUR 60 million (approx. USD 64.8 million) in financing to the Croatian company Riviera d.d. za turizam (Valamar Riviera). On 24 March 2017, a loan agreement between the EIB and Valamar Riviera was signed having a total value of EUR 44 million. On 6 March 2018, a loan agreement having a total value of EUR 16 million was signed.
The loans will support the company's project regarding the reconstruction and development of holiday facilities in Croatia. According to the EIB: "The project's objectives would, inter alia, allow to address an increasing customer demand, ensure a further diversified offer on increased service standards and enhanced safety standards."
Valamar Riviera is based in Croatia and operates in the tourist industry. The company's activities include operating hotels, campsites and resorts.
A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the investment support granted here is discriminatory.