Italian Bank invests €5 bn in tourism

Web Desk

The Colosseum in Rome, built C. 70 – 80 AD

Intesa Sanpaolo, Italy’s largest bank by assets, invests €5 billion in tourism by striking a deal with the country’s cultural ministry. A lion share of the 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’. The money will also spend for the training of workers in the tourism sector, technological innovation, and modernization of accommodation.

According to a study carried out by the Intesa Sanpaolo group, 117 million visitors to the country last year, amounting to 403 million total overnight stays. “I say to entrepreneurs: invest in tourism! There’s a need for both the public and private sectors to play their part,” said Dario Franceschini, Minister for Culture.

2018 has been named ‘the year of Italian food in the world’ by Franceschini, who said the ministry would focus on promoting some of the country’s lesser-known delicacies alongside its world-renowned wines, cheeses, and pastries.