Italy’s Largest Bank to Invest $6 Billion in Country’s Tourism Industry

The three-year investment will vastly expand Italy's already-robust tourism sector.

The following article, written by Catherine Edwards, appears on The Local. 

Italy’s largest bank by assets, Intesa Sanpaolo, has announced a deal with the country’s culture ministry to inject €5 billion into the Italian tourism sector.

A big chunk of that money will be used for restoration and redevelopment projects, making more buildings available for cultural use.

The investment will take place over three years in a deal called ‘Pact for Tourism 4.0’ and will also include money for training of workers in the tourism sector, technological innovation, and modernization of accommodation.

Italy’s tourism sector makes up almost 12 percent of national GDP and accounts for 12.8 percent of Italian jobs, according to a study carried out by the Intesa Sanpaolo group.

The same data measured 117 million visitors to the country last year, amounting to 403 million total overnight stays.

“I’m really happy with this agreement which marks a change of direction in how tourism is dealt with; a sector in which we not only have to get out of a crisis, but also to steer a strong growth,” said Culture Minister Dario Franceschini. “I say to entrepreneurs: invest in tourism! There’s a need for both the public and private sectors to play their part.” Continue reading at The Local. 

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