TIRANA, Aug 11 /ATA/ In recent years, the expansion of the hospitality and tourism sector in our country has spurred increased business investment in the industry.

Data from the Bank of Albania indicate that private sector credit continued to increase in the second quarter, with lending especially directed toward businesses in tourism-related subsectors for investment purposes.

The credit portfolio for the accommodation and food service sector reached a value of 1.3 billion lek. Compared to a year ago, the credit portfolio in this sector has expanded by 42%, marking the highest level recorded for this sector in a single month.

Recently, tourism investments have included both upscale projects and mainly growing agritourism initiatives, spurred by tax incentives and easier access to financing.
The increasing number of tourists from around the world is encouraging entrepreneurs to boost investments in the tourism sector. According to the World Tourism Organization (UNWTO), Albania is the country with the highest growth in Europe in terms of sustained tourism expansion, an industry that has transformed Albania’s image on the international stage.

INSTAT reports that more than 1 million foreign tourists arrived in Albania in May of this year, with their influx steadily increasing throughout the peak summer season.

/a.f/sm/