The European Bank for Reconstruction and Development (EBRD) announced on May 29 it has signed investment agreements to become a shareholder in D Marinas B.V., the holding company for a network of currently 10 marinas in Croatia, Greece and Turkey, operating under the brand name D-Marin. The The EBRD is investing €70mn for a stake of approximately 25%.

This is the EBRD’s largest equity investment in the tourism sector to date. The company’s expansion will support the development of the local tourism sector, promote growth and create jobs.

Tourism is a key economic sector in all three countries. Turkey will see 40mn foreign visitors this year, while tourism ncome will climb to more than $30bn, the Association of Turkish Travel Agencies (TURSAB) president Firuz Baglikaya said in April.

Croatia also expects a very successful tourism season this year, after in 2017 the number of tourist arrivals rose 13% y/y to 17.4mn while their overnight stays went up 11% y/y to 86.2m.

“With this investment the EBRD is demonstrating its long-term commitment to supporting the progress of Croatia’s economy. Tourism is a major driver of growth for the country and we expect this investment to open up new opportunities for local businesses as well as create new jobs,” EBRD first vice president Jurgen Rigterink said.

“The beginning of the tourism season is the right time to sign such an important investment where the EBRD can provide much-needed capital for the next steps of development in the tourism sector which is so important for Croatia, Greece and Turkey,” he added.

D Marinas B.V. is the largest and only international chain of marinas in the Eastern Mediterranean, offering approximately 8,000 berths. The company’s ultimate beneficial owner is Dogus Holding A.S., one of Turkey’s leading business conglomerates.