5
2012
Sveti Stefan EBRD Loan
An article by 
Montenegro is becoming a worldwide tourism destination with high potential for further development, and is one of the few countries to have achieved growth in the tourism sector during the current economic downturn.
In 2010 the EBRD extended a senior loan of €37 million to finance the re-development of the landmark Sveti Stefan hotel and its surroundings on the Montenegrin coast. The site promises to become a high-end resort on the Adriatic which will set a benchmark for low-density, sustainable tourism.
The project is located on a land plot of 68,000m² and entails the renovation and construction of three hotels as well as 60 apartments, restaurants, spa facilities, an administrative building and associated infrastructure. The project also includes an array of important energy efficiency and environmental components which will set new standards in the industry.
The project aims to act as a catalyst, encouraging more competition for high-quality resorts in contrast to the uncontrolled mass tourism and high-density coastal developments so far prevailing in the region.
