PRESS RELEASE
09.09.2024
Tirana, September 9th, 2024: Intesa Sanpaolo Bank Albania, part of Intesa Sanpaolo Group extends funding of €26 million to enable the construction of MGALLERY HOTEL (ACCOR GROUP) in Green Coast, Palasë - a BALFIN Group Investment. This investment will be supported by the European Bank for Reconstruction and Development (EBRD) via the Risk Sharing Framework (RSF) with Intesa Sanpaolo Bank Albania for up to 50 per cent of the investment amount.
The official signing of the agreement took place on the premises of Intesa Sanpaolo Bank Albania’s headquarters in Tirana, with top managerial representatives from all parties present.
Alessandro D’Oria CEO of Intesa Sanpaolo Bank Albania stated: “Financing sustainable tourism investments is among our top priorities. We are very happy to be a part of this unique investment. We will continue to promote the development of sustainable tourism in Albania with investments that will enrich the offer for the rising number of tourists in the country.”
Ekaterina Solovova, EBRD Head of Albania, said: “We are pleased to continue our support for the Albanian tourism. Sustainable hospitality infrastructure is essential for the industry’s growth, and through this development Balfin Group and Accor bring the quality and high standard to the Albanian market.”
“BALFIN Group’s developments are a result of strong partnerships with reliable financial institutions like EBRD and Intesa Sanpaolo Bank Albania. As a private company, we take pride in investing in projects that contribute to community development, support the country's strategic tourism goals, raise standards, and create employment opportunities.” said the CEO of BALFIN Group, Edlira Muka.
For Intesa Sanpaolo Bank Albania, this financing is classified as ESG Financing under the category of “Energy Efficient Building” and it is the largest of the year to date in the area of tourism; a strategic priority for the country. The project will be implemented in the Albanian Riviera (southern coastline), considered one of the most attractive tourist destinations in the country. As the Hotel will be an energy efficient building it is estimated to reduce energy consumption by 34.43%.
Through this agreement, Intesa Sanpaolo Bank Albania and the EBRD reinforce their commitment to the development of sustainable tourism in Albania. This BALFIN Group investment marks the official expansion of Accor’s brand in the country. The financing and implementation of this sustainable project is in line with the National Strategy for Sustainable Tourism Development which emphasizes the encouragement of specific strategic private investments that aim to attract internationally recognized brands while prioritizing key areas for tourism development.
Intesa Sanpaolo Bank Albania - among the top actors in Albania’s financial sector since 2008 - has financed multiple tourism international and local projects throughout the years and will continue to support companies that operate in the area of tourism development in the country by offering sustainable and innovative solutions in line also with the strategic ESG commitment of Intesa Sanpaolo Group.
As a multilateral developmental investment bank, for over 30 years, the EBRD has invested to promote private sector-led economies across three continents. The Bank began operating in Albania in 1991 and is a leading institutional investor in the country, with around EUR 2.1 billion invested, through over 150 projects.
BALFIN Group shares a history of collaboration on various projects with both institutions in the past.
About Intesa Sanpaolo Bank Albania: Intesa Sanpaolo Bank Albania, part of the Intesa Sanpaolo Group, is a leading bank in the country offering quality banking services, financial solutions, innovative products and services to corporate, institutional and high net worth clients, small and medium businesses and individual customers. We encourage a growth style that is attentive to sustainable results and creating a process based on trust that derives from customer and shareholder satisfaction, a sense of belonging on the part of our employees and close monitoring of the needs of local communities. We compete in the market with a sense of fair play and are ready to cooperate with other economic entities, public and private, whenever necessary, strengthening the overall capacity for growth and expansion in the local economy. Intesa Sanpaolo Bank Albania has a network of 35 branches in different cities of the country and will continue to expand strategically following closely the economic development of Albania.
Intesa Sanpaolo, with over €420 billion in loans and €1.3 trillion in customer financial assets at the end of 2023, is the largest banking group in Italy, with a significant international presence. It is a European leader in wealth management, with a strong focus on digital and fintech. The Group will provide €115 billion of Impact lending by 2025 to support communities and the green transition, together with a €1.5 billion program (2023-2027) to help people in need. The Bank's network of museums, the Gallerie d'Italia, hosts its owned artistic heritage and cultural projects of recognized value.
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About the EBRD: The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 73 countries as well as the EU and the EIB. Through investment, policy reform and advisory projects, the Bank works to make economies more competitive, well governed, green, inclusive, resilient and integrated. These “transition qualities” best equip countries for a prosperous and equitable future for all.
About BALFIN Group: BALFIN Group is one of the leading investment groups in the Western Balkans region, embodying international standards with local expertise. Founded in 1993 in Vienna by Samir Mane, today, the Group has a presence in 11 countries, Austria, Albania, Kosovo, Bosnia and Herzegovina, North Macedonia, Montenegro, Switzerland, Croatia, the Netherlands, USA, and Canada. BALFIN, a diversified group active in real estate, wholesale and retail, banking, asset management, tourism, education, and logistics, employs approximately 5,000 people. Total Group’s Assets (including financial institution) is € 2.2 billion, as of 2023 data.
