IFC Commits Landmark Blue and Green Loan to Boost Sustainability of Croatia’s Tourism Sector

• IFC is providing a pioneering sustainability-linked loan of up to €200 million to Maistra Hospitality Group, a leading Croatian tourism player.
• The landmark blue and green loan will support the group in developing new assets sustainably, reducing harmful emissions, and protecting sea waters.     
  

​Zagreb, Croatia, July 25, 2024—A landmark IFC blue and green sustainability-linked loan of up to €200 million to Maistra Hospitality Group, Croatia's second-largest tourism player, will support the group in enhancing sustainability practices across its portfolio, helping to usher in a new era of sustainable tourism.

IFC's financing package is the first blue loan in Croatia's tourism sector. It will fund the development and reconstruction of Hotel Marjan, a landmark hotel situated near the city of Split's UNESCO-listed historic center, and the refurbishment and upgrade of Vrsar Holiday Village in Istria, the country's largest campsite. Both properties are located near marine protected areas, heightening the critical importance of maintaining sustainable operations.

The sustainability-linked loan will provide Maistra with interest rate incentives to enhance its environmental and social performance. Discounts to the loan's financing terms will be tied to the company achieving IFC's innovative EDGE Zero Carbon green building certification for Hotel Marjan, blue certifications recognized by the Global Sustainable Tourism Council for both sites, as well as significant greenhouse gas (GHG) reductions of the full hospitality portfolio of the group, which includes 34 properties. IFC will also provide advisory services to help the company achieve these targets and enhance its environmental and social practices.

"We are aware that our competitive advantage, along with systematic investments in top-tier facilities, is largely based on natural resources. Therefore, environmental protection and operating according to sustainability principles are our key strategic guidelines," said Tomislav Popović, Maistra Hospitality Group`s CEO. "Our intention is to significantly accelerate our green transition, which will contribute to further improvement in operational excellence and an enhanced customer experience, while ensuring a measurable contribution to global sustainability goals."

Croatia's tourism industry is key to its economic growth, directly and indirectly contributing 26 percent to GDP and accounting for around a quarter of all jobs. In addition to reducing GHG emissions, the project is expected to improve energy and resource efficiency of the company's assets, increase recycling, improve water and waste management, and boost sustainable tourism standards near marine protected areas. It will also help create quality jobs and promote skills development.

"Ensuring the long-term sustainability of its growing tourism sector is a key strategic objective for Croatia," said Ary Naïm, IFC Manager for Central and South Europe. "By partnering with a local market leader such as Maistra, we aim to drive a transformation of the whole industry towards best environmental and social practices".

Maistra Hospitality Group employs approximately 4,000 people and operates properties along the Adriatic Coast and in Croatia's capital, Zagreb. It is controlled and majority-owned by Adris Grupa, a leading Croatian conglomerate.

IFC's investment complements ongoing World Bank Group initiatives in Croatia to scale up energy efficiency, boost sustainable tourism, promote blue and circular economy practices, and support decarbonization.

About IFC

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.

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About Adris

Adris Group is one of the leading Croatian companies. It employs more than seven thousand employees and generates nearly one billion euros in revenue. The company is organized into three strategic business units. The insurance segment is managed by Croatia Osiguranje, a market and digital leader in the insurance industry. The production of healthy food is handled by Cromaris, the leading Croatian and seventh-largest global producer of sea bream and sea bass, and the world's leading producer of organic fish. The tourism segment is managed by Maistra, one of the largest national tourism company, positioned in leading Croatian destinations – Rovinj, Dubrovnik, and Zagreb, with the renovation of Hotel Marjan also in Split. In 2023, Adris Group expanded its production portfolio to include renewable energy sources. To date, Adris Group has invested over 1.7 billion euros in the development of its businesses. The investment cycle continues, with Adris planning to invest more than 600 million euros by 2026, of which more than 400 million euros will be directed towards tourism. For more information, visit www.maistra.com.