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The European Bank for Reconstruction and Development (EBRD) says it will lend up to EUR 100 million to Erste Bank Croatia, to be used as a credit line for private hospitality companies to boost tourism in Croatia and Montenegro. 

The framework aims to improve employment opportunities for the youth and women by training young people and establishing new or enhanced cooperation programs with local universities or vocational schools.

It also hopes to strengthen the development of backward linkages to local suppliers in the hospitality sector by coordinating relevant stakeholders, EBRD said in a statement released on January 13.

Erste Bank Croatia is the first financial institution to receive a loan under the framework, the EBRD noted.