Alpha Bank proceeded with the signing of a loan agreement of €4.2 million with the participation of the Recovery and Resilience Fund (RDF) for the purchase and modernization of a small tourist accommodation in Spetses by the investment vehicle Orloff Resort.

The financed investment project is part of the tourism sector, where the Bank is a pioneer with a loan portfolio of approximately €3 billion, supporting the upgrading of the tourism product and the hospitality experience.

Upon completion of the modernization works, the financed tourist complex will have a capacity of 13 rooms and 34 beds (4 key category), strengthening the "Orloff" brand, with the eponymous restaurant at the entrance of the Old Port of Spetses and the Boutique Hotel "Orloff Resort".

The total investment amounts to €4.2 million and is 40% financed by the Recovery and Resilience Fund (€1.68 million), 40% by Alpha Bank (€1.68 million) and 20% (€0.84 million) through equity participation.

The signing ceremony of the financing took place at the headquarters of Alpha Bank, with the participation of the legal representative and manager of the investment vehicle "Orloff Resort Unipersonal IKE", Christos Orloff, in the presence of the Governor of the Special Coordination Service of the Recovery Fund (EVSTA), Orestis Kavalakis.

The event was hosted by the Chief Retail Banking Officer of Alpha Bank, Isidoros Passas, the Small Business Banking Director, Spyros Redetakos, Attica II, Southwestern Greece and Islands Director, Maria Papageorgiou, and executives from Small Business Banking, the Branch Network Division, and the Bank's Branch that participated in the loan appraisal process.

The Governor of the Special Coordination Service of the Recovery Fund, Orestis Kavalakis, stressed: "The financing of the investment of "Orloff Resort Unipersonal IKE" is another proof that the Recovery Fund's loan program is a financial tool fully accessible for small businesses as well. The investment, which concerns the purchase and conversion of an existing tourist unit into a high-quality accommodation facility, is an example of the contribution of "Greece 2.0" to sustainable development plans for hospitality businesses on our country's islands."