Dec. 1 (Bloomberg) -- The European Bank for Reconstruction and Development will lend 37 million euros ($48.5 million) for redevelopment of Montenegro’s Sveti Stefan seaside resort.
The Adriatic peninsula, originally a medieval fishing village that was turned into a luxury hotel in the 1960s, is currently operated by AmanResorts. Its reconstruction has been undertaken by Adriatic Properties d.o.o, wholly owned by Greece’s Restis Group.
The bank said it is its first investment in Montenegro’s tourism sector. It did not disclose the maturity of the loan or the interest rate, saying only the loan will help finance redevelopment of the Sveti Stefan villas, renovation of two nearby hotels and an infrastructure upgrade in the area.
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