The French city of Marseille has been de venue for the signature of an agreement between the European Investment Bank and the Association of the Mediterranean Chambers of Commerce (ASCAME) aimed at encouraging the development of sustainable tourism as a way to support the development Mediterranean economies. This agreement will develop a first cooperation agreement signed in November 2009.

The European Investment Bank (EIB) and the Association of the Mediterranean Chambers of Commerce (ASCAME) have renewed their agreement by which both institutions combine their resources to support companies in the Mediterranean area. The support granted to the private sector will be focused in providing the necessary resources to enable the development of sustainable projects and job-creating initiatives.

The agreement between the EIB and ASCAME is particularly focused on the development of tourism in Mediterranean countries, as tourism represents the primary source of foreign currency incomes for non-oil exporting countries and employs directly or indirectly about 20 million people. Despite the potential of the sector, tourism is poorly developed in the area and is stronfgly exposed to political and social uncertainties.

Both institutions will now work together to modernize the tourism sector, introducing new key elements that will contribute to to boost the economy in the region, such as experiences in eco-tourism. Representatives from both institutions highlighted the need to create favourable conditions for investment and business support for the development of sustainable projects. Tourism is a key sector for growth and employment in these countries and requires strong support from the authorities.

This agreement is part of the actions taken by the EIB in the Mediterranean area, where it has significantly increased its activity over the last years. The EIB is the largest financial investor in the Mediterranean acting through the Facility for Euro-Mediterranean Investment and Partnership (FEMIP) created in October 2002 and has devoted much of this activity in areas aimed to promote activity in the private sector. Up to 2300 SMEs in the Mediterranean partner countries have already benefited from the expertise and support of the Bank to develop their projects.