Alpha Bank has channeled 2.2 billion euros in tourism in the last 4 years, while it was the first bank to create a specialized Directorate of Tourism and Hotel Entrepreneurial Financing, the Director of Commercial Banking of the Bank, Telemachos Georgakis, points out in his statements.
As Mr. Georgakis explains, in order to implement an investment in the tourism sector, three factors play a decisive role: the hotelier (owner), the State and the banks:
“On the part of hoteliers, there is a willingness for new investments, for the construction of new units and the upgrade of existing ones to units with very high standards. From the State there is a plan and resources for the financing of the investments and from Alpha Bank there is the disposition and the know-how, which is particularly important in the specific object, while there are also both the products and the funds.”
He also noted that: “To make an investment you need to have an idea. But the idea alone is not enough. In order to make a successful investment, this idea must be properly captured through a detailed and documented business plan. ”
Tailor made solutions by Alpha Bank in the tourism sector
Mr. Georgakis underlined that Alpha Bank has the know-how and the appropriate financial products, to which additional tools are coming from the State and by national or supranational organizations that make it easier to finance a tourism investment, referring to the Recovery and Sustainability Fund, co-financed programs, NSRF programs and the Development Law.
Mr. Georgakis noted that the bank offers tailor made solutions to address clients’ issues using the knowledge and experience of its Executives and through the close contact with the Customer. He stated that in May and June, Bank Executives visit Customers in more than 20 tourist destinations in order to listen closely to the needs of Customers.
“Brand Greece is the great advantage”
In a related question at the 1st International Business and Hospitality Conference in which he participated, Mr. Georgakis predicted that 2022 will be a pretty good year for Greek tourism and pointed out that in the long run the prospects of the industry will be just as good. Explaining the word “long-term”, he clarified that a tourism investment requires funds that are to be amortized over a period of more than ten years, so what we need to consider is what will be the course of the industry during this period and not just the next 1-2 years.