Sustainable tourism: up to EUR 200 million loan from IFC to Croatian group Maistra Hospitality

To promote the sustainability of the Croatian tourism sector, the IFC, a member of the World Bank Group, has decided to grant a loan of up to €200 million to Maistra Hospitality Group, one of Croatia’s leading tourism operators, employing 4,000 people and managing 34 properties located along the Adriatic coast and in Zagreb, the Croatian capital. The aim is to support the group’s development towards improving sustainability practices, from reducing harmful emissions to protecting marine waters.

Thanks to the financing, the first of its kind in the Croatian tourism sector, Maistra Group will undertake significant restructuring and improvement operations of its facilities, such as the Vrsar Holiday Village in Istria, the country’s largest campsite. Located near a protected marine area, the campsite will undergo extensive renovations focusing on environmental sustainability, with the goal of achieving the blue certification recognized by the Global Sustainable Tourism Council. A similar intervention is planned for the reconstruction of the Hotel Marjan, located near the historic center of Split.

Achieving blue certifications (and the IFC’s EDGE Zero Carbon green building certification for Hotel Marjan alone) are essential conditions to access interest rate incentives on the loan, as well as achieving a significant reduction in greenhouse gas emissions across the entire hotel portfolio.

Environmental protection and natural resource conservation thus serve as the guiding principles of the Croatian group’s development strategy, as confirmed by Tomislav Popović, CEO of Maistra Hospitality Group, who emphasized the company’s commitment to accelerating the green transition to contribute to global sustainability goals while simultaneously improving the customer experience.

The financing will support a broad range of interventions: not only reducing greenhouse gas emissions but also improving the energy efficiency and resources of the company’s facilities, increasing recycling, enhancing water and waste management, and raising sustainable tourism standards near protected marine areas. It will also help create quality jobs and promote skills development.

Photo by Maistra