Greece's Piraeus Bank launches 'Sunrise' loans for pandemic-hit hotels

Tourism accounts for about 20% of Greece's gross domestic product

  

ATHENS- Piraeus Bank, one of Greece's four big lenders, said on Thursday it was launching a product named Tourism Sunrise to provide loans to hoteliers hit hard by the impact of the COVID-19 pandemic on travel.

Tourism accounts for about 20% of Greece's gross domestic product. After a deep fall in revenues last year, Greece's tourism sector is expected to recover this summer, industry officials have said.

To spur the revival, Tourism Sunrise will help hoteliers with their working capital needs by offering loans of up to 2,000 euros ($2,395.00) per room with an upper limit of 20% of their projected annual sales, Piraeus Bank said.

The bank is already funding more than 4,000 clients with outstanding loans that approach 3 billion euros and financed new investments in the sector even at the peak of the pandemic, it said.

The latest central bank data showed tourism revenues fell to 2.5 million euros in January this year from 281 million euros in the same month in 2020 as global restrictions to stem the spread of the COVID-19 pandemic limited travel. 

($1 = 0.8351 euros)

(Reporting by George Georgiopoulos; editing by Barbara Lewis) ((george.georgiopoulos@thomsonreuters.com; +30210 337 6437; Reuters Messaging: george.georgiopoulos.thomsonreuters.com@reuters.net))

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