Talent and financing, the combination for a country of progress
The transformation of Andorra’s economic model has evolved towards a diversity of sectors that bears little resemblance to that country in the Pyrenees where people would only come to ski and buy certain products. The process of economic opening, the digital transformation accelerated by the pandemic and other factors have immersed the country in a process of change. Andorra has become a destination for innovative companies, start-ups and entrepreneurs that have enriched our country’s business ecosystem and have changed the landscape by adding to the traditional sectors others that previously had no place. All this transformation has been thanks to the spirit of self-improvement, entrepreneurship and resilience of many of the country’s economic players, and also due to financial support to propel this emerging economy forwards.
The financial sector is one of those traditional sectors, which although it has also evolved with a significant digital presence and accelerated its adaptation of international standards, has retained its role of supporting the economic sector. It has done this by responding to projects of individuals, companies and institutions.
In the case of Creand Crèdit Andorrà, and during the post-pandemic period (2021-2023), we contributed EUR 1.51 billion in new loan investment operations to the Andorran market. In the last year alone, EUR 520 million was instrumented in new projects. Of this new loan investment, EUR 987 million was allocated to supporting business projects and EUR 373 million was earmarked for the needs of individuals. Outside of banking activity, our bank has invested EUR 252 million in companies in the country, of which EUR 116 has gone to companies in the financial sector that provide jobs, among other assets, and EUR 136 is allocated to strategic sectors for the development of the Andorran economy.
Key figures that are contributing to this paradigm shift in the Andorran economy.
Snow, as a strategic sector for the country, remains one of the major touristic drivers of the Andorran economy, and its offering has also been transformed and diversified. It has historically been, and remains, one of the strategic focuses of our bank.
We at Creand are actively involved in the companies that manage the ski resorts. The richness of our mountains requires infrastructures that have been built with high investments to turn Andorra not only into a tourist destination for skiing, but also into a venue for high-level world championships that have placed our country on the map of competitive skiing internationally. Behind this there is a lot of work and high investments that have been taken on by the different players who have been able to envision the future of the sector.
We are an active part of SETAP 365, the company that manages the ski resorts of Soldeu-El Tartar-Canillo and Arinsal-Pal. This also responds to this transformation of the economic model that the country is undergoing and which is intended to overcome the seasonality the tourism offering with a unique business model for snow and off-season activities, as has been done for some time with the MTB world cups and this year with hosting the UCI Mountain Bike World Championships. Next winter, the Creand Stadium, a new permanent training and competition arena, will be opened for the first time. We believe in the country’s potential and we are committed to ensuring that it has everything necessary for our skiers, whom we also sponsor, to continue to grow at the highest level of competition.
A further example of this active engagement is our involvement in other tourist attractions in the Principality. For instance, there is Caldea-Inúu, the country’s tourism flagship, which has also seen a transformation. It is currently undergoing a major renovation project. Because that is what the economy is about, an ongoing process of renovation.
The contribution to Andorra’s emerging economy is also present in the different programmes we develop at Creand, which positions us as a banking ally of entrepreneurs. Scale Lab is the first Andorran programme of business investment and support aimed at start-ups in the consolidation and growth phase. Just as an example, less than 3 years ago it invested in the biotech company Cellab, which has recently become the first pharmaceutical laboratory in the country accredited to manufacture advanced therapy medicines.
Creand is also committed to generating and sharing knowledge between small and medium-sized enterprises and the start-up sector. With the Innovation Hub programme, in 2 years we have identified 7,400 companies with potential and 180 start-ups. We have proposed 500 connections between them. A programme that looks to go beyond borders to extend the number of successful relationships to over a hundred.
Lastly, we also stand alongside the groups that bring together the country’s business community, the EFA and the CEA, because at the end of the day, it is the people, entrepreneurs and collaborators, who make this process of transformation of the Andorran economy move forward. People’s talent, financing and commitment are the necessary combination to make Andorra a country of progress.
Diari d’Andorra, 20.06.24