Press Release: Italy: EUR 550m to Costa Crociere for its 2012 Development Plan

On 5 June, 2009, in Genoa, the European Investment Bank (EIB) signed a contract with Costa Crociere, Italy's leading tourism group, for a direct loan of EUR 550m. The operation was aimed at supporting the five-year plan to develop the fleet of Costa Crociere, which planned to introduce five new ships by 2012, via an aggregate investment of EUR 2.4bn. In granting this loan, the EIB recognised the importance of boosting tourist flows, with particular emphasis on the so-called Areas of Convergence within the European Union and in the Mediterranean region and on the positive impact on direct and indirect employment. The expansion of Costa Crociere’s fleet will be accompanied by an increase in the company’s staff. A significant employment boost is also expected, driven by both the construction of the ships and the economic benefits that they will bring to the areas in which they will operate. The EIB loan will help to finance the construction of four of the five new ships, all of which are to be built by Fincantieri. They belong to a new generation of tourist vessels with innovative technological, environmental impact and operational features.