A debt fund dedicated to tourism on the Côte d’Azur

The Côte d’Azur tourism fund (“fonds tourisme Côte d’Azur”) is an initiative launched by the Caisse d’Epargne Côte d’Azur and the M Capital management company supported by the European Investment Bank (EIB), the Nice Côte d’Azur Chamber of Commerce & Industry, and the Nice Côte d’Azur metropolitan area.

This financial scheme, already tested in the Occitanie region in southern France, will help boost the region’s principal economic activity. With a budget of €44 million (and a target budget of €60 million), this fund is aimed at facilitating innovative projects pursued by SMEs along with public and semi-public companies in the Alpes-Maritimes and Var regions.  

The goal is to support the transformation of the offer available to tourists on the Côte d’Azur by promoting the diversity of experiences and uses, and to make a commitment in favor of sustainable and responsible tourism. Among the ten or so projects under study, it is expected that three co-financing initiatives will be completed in the very near future. These projects include the creation of a 5-star boutique hotel to complement a range of very upscale restaurants in the Alpes-Maritimes region, the renovation of an ecolodge in the Var, and the purchase and development of a campsite in Fréjus. 

With this initiative, the Caisse d’Epargne Côte d’Azur confirms its commitment to supporting all the different players in the tourist industry, notably during this period of health crisis. The fact that 20% of the State-guaranteed loans granted by the bank have been paid out to professionals in the Tourism/Hotel/Restaurant (THR) sector, for a total of €103 million at the end of January 2021, is tangible proof of this support. The Caisse d’Epargne Côte d’Azur served slightly more than 3,500 THR customers at the end of January 2021. 
 

More details on the Fonds Tourisme Côte d’Azur website