Intesa Sanpaolo Bank Albania extends funding of €26 million to enable the construction of MGallery Hotel (Accor Group) in Green Coast, Albania - a BALFIN Group Investment. This investment will be supported by the European Bank for Reconstruction and Development (EBRD) via the Risk Sharing Framework (RSF) with Intesa Sanpaolo Bank Albania for up to 50 per cent of the investment amount. Through this strategic agreement, Intesa Sanpaolo Bank and the EBRD reaffirm their commitment to supporting BALFIN Group’s vision for advancing sustainable tourism development in Albania 

The official signing of the agreement took place on the premises of Intesa Sanpaolo Bank’s headquarters in Tirana, with representatives from all parties. 

Alessandro D’Oria CEO of Intesa Sanpaolo Bank Albania stated: “Financing sustainable tourism investments is among our top priorities. We are very happy to be a part of this unique investment. We will continue to promote the development of sustainable tourism in Albania with investments that will enrich the offer for the rising number of tourists in the country.”   

“BALFIN Group’s developments are a result of strong partnerships with reliable financial institutions like EBRD and Intesa Sanpaolo Bank. As a private company, we take pride in investing in projects that contribute to community development, support the country's strategic tourism goals, raise standards, and create employment opportunities.” said the CEO of BALFIN Group, Edlira Muka. 

Ekaterina Solovova, EBRD Head of Albania, said: “We are pleased to continue our support for the Albanian tourism. Sustainable hospitality infrastructure is essential for the industry’s growth, and through this development Balfin Group and Accor bring the quality and high standard to the Albanian market.” 

For Intesa Sanpaolo Bank Albania, this financing is classified as ESG Financing under the category of “Energy Efficient Building” and it is the largest of the year to date in the area of tourism; a strategic priority for the country. The project will be implemented in a strategic position on the Albanian Riviera (southern coastline), considered one of the most attractive tourist destinations in the country. As the Hotel will be an energy efficient building it is estimated to reduce energy consumption by 34.43%.  

Through this agreement, Intesa Sanpaolo Bank Albania and the EBRD reinforce their commitment to the development of sustainable tourism in Albania. This BALFIN Group investment marks the official expansion of Accor’s brand in the country.  The financing and implementation of this sustainable project is in line with the National Strategy for Sustainable Tourism Development which emphasizes the encouragement of specific strategic private investments that aim to attract internationally recognized brands while prioritizing key areas for tourism development.  

As a multilateral developmental investment bank, for over 30 years, the EBRD has invested to promote private sector-led economies across three continents. The Bank began operating in Albania in 1991 and is a leading institutional investor in the country, with around EUR 2.1 billion invested, through over 150 projects. 

Intesa Sanpaolo Bank Albania, active in Albania’s financial sector since 2008, regards the country as a high focus market, on a group level. BALFIN Group shares a history of collaboration on various projects with both institutions in the past. 

MGallery Hotel is expected to be a pinnacle in the Green Coast development, one of the most significant tourism investments in Albania by BALFIN Group, but also in the region’s hospitality industry. To BALFIN Group, this investment is another testament to robust partnerships and growing commitment to the tourism sector. The first MGallery Hotel in Albania, located in Green Coast, will boast the renowned Accor international standards.  

Accor Group is one of the largest multinational hospitality companies worldwide, operating in 5,584 locations in over 110 countries. The opening of MGallery, which is currently in the advanced phases of construction, in the beginning of the 2025 tourist season, will also add Albania on Accor Group’s map of operations, a significant benefit to the country’s tourism.