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Home Lifestyle Hospitality

Greece’s Piraeus Bank has Launched “Sunrise” to Revive Hospitality Sector

The tourism industry in the country is expected to show signs of improvement this summer

The Global Economics by The Global Economics
April 16, 2021
in Hospitality, Funds, Top Stories
Reading Time: 1 min read
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Greece’s Piraeus Bank has Launched “Sunrise” to Revive Hospitality Sector

Greece’s Piraeus Bank has Launched “Sunrise” to Revive Hospitality Sector

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Greece’s Piraeus Bank has announced the launch of Tourism Sunrise that will enable loans for hoteliers badly affected by the novel coronavirus pandemic. 

The pandemic has cost the tourism industry over $22 billion and around 50m million job losses globally. In Greece, the tourism industry witnesses 20% of the country’s gross domestic product. 

According to the new central bank data, the tourism revenues nosedived to 2.5 million euros in January 2021 as compared to 281 million euros in January 2020 on the account of lockdowns and travel restrictions.

In efforts to gear up a fight against the dismal scenario, Tourism Sunrise will assist hoteliers with loans up to 2,000 euros ($2,395) per room that will have an upper limit of 20% of their projected annual sales and fulfill their working capital needs. 

Additionally, the bank has supported over 4,000 clients financially with outstanding loans with funding of nearly 3 billion euros and investments in the tourism sector. The country has taken steps to re-open tourism in the next week, a month ahead of schedule.

Tags: COVID-19greecegreecenewsPiraeus Banktourismindustrytourismsunrise
The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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