July 9, 2024
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Intesa Sanpaolo Commits €10bn to Revitalise Italian Tourism

Intesa Sanpaolo, a leading Italian bank, has pledged €10 billion in new credit to support the recovery and growth of the Italian tourism sector, with a focus on sustainable development and digital transformation.
Intesa Sanpaolo Commits €10bn to Revitalise Italian Tourism
Intesa headquarters building in Turin - CC BY-SA 3.0 (By Uccio)

Intesa Sanpaolo, a prominent Italian banking institution, has unveiled a substantial €10 billion investment plan aimed at bolstering the Italian tourism industry as it navigates the post-pandemic recovery phase. This ambitious initiative is designed to empower tourism businesses, particularly in the southern regions, to capitalise on the opportunities presented by the National Recovery and Resilience Plan (PNRR) and other governmental initiatives.

The bank's commitment to the tourism sector underscores its recognition of the industry's pivotal role in fortifying the Italian economy, particularly in the South. This new funding injection supplements the approximately €9 billion in liquidity that Intesa Sanpaolo has already disbursed to the sector since 2020.

This significant investment is a cornerstone of the bank's broader "Your Future is Our Business" program, which has earmarked a total of €120 billion until 2026 for investments in Italian enterprises. The program places a special emphasis on tourism and agribusiness, recognising their strategic importance for the country's economic landscape.

The €10 billion credit line will incentivise new investments aligned with the principles of Transition 5.0, focusing on three key areas:

  1. Renovation and enhancement of infrastructure quality: This encompasses efforts to modernise and upgrade existing tourism facilities to meet evolving consumer expectations and industry standards.
  2. Environmental sustainability: The bank aims to promote eco-friendly practices and initiatives that minimise the environmental impact of tourism activities, contributing to a more sustainable future for the industry.
  3. Digitalisation of service models: Recognising the growing importance of technology in the tourism sector, the bank will support efforts to enhance digital capabilities, improve customer experiences, and streamline operations.

This investment comes at a crucial juncture for the Italian tourism industry, which, according to SRM data, ranks fourth in the EU in terms of arrivals and third in terms of overnight stays. While the South accounts for a smaller proportion of overall tourism activity, it contributes significantly to the national GDP, generating an estimated €24.9 billion in added value in 2024.

The social impact of tourism in Italy is also substantial, with the sector employing 1.3 million individuals and comprising around 200,000 companies with at least one employee. The South accounts for a significant portion of this employment, with 26.4% of national tourism workers based in the region.

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