December 9 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it is extending a 25 million euro ($28.3 million) loan to Bartu Turizm Yatirimlari, a joint venture between German travel and tourism company TUI Group and the Barut family in Turkey.
The borrower will use the long-term loan to refinance its existing loans and extend the loan maturity profile of Bartu Turizm, the EBRD said in a press release on Wednesday.
The project will also support the company in addressing significant youth and female inclusion challenges in the Turkish tourism sector. In addition, the project will support the promotion of culinary and agricultural tourism by organising day tours for hotel guests, focusing on local gastronomy and products, the EBRD said.
"The project, which is the first property and tourism deal in the Turkish tourism sector, will support the recovery from the Covid-19 pandemic by contributing to a sustainable and diverse tourism approach,” Vlaho Kojakovic, EBRD Head of Property and Tourism, said in the press release.
Bartu Turizm Yatirimlari was set up in 2011 and operates four hotels in Antalya and Fethiye on Turkey’s Mediterranean coast, with a total of 1,246 rooms.
($ = 0.8842 euro)