Under the motto "United in diversity", culture is used in the European Union as a means of cooperation and development of a multicultural European society. The European Union promotes the development of cultural tourism with support from European funds for the preservation and promotion of European cultural heritage due to increasing tourist demand for new cultural attractions, greater tourist profits from cultural tourists etc. The European Union Cultural Project, European Capital of Culture (ECOC) was launched in 1985 with the aim of promoting and preserving different European cultures, connecting European citizens, recognizing common European heritage and fostering cultural development of cities. So far more than fifty cities have been awarded the title of European Capital of Culture and the project continues in the future as it has successfully contributed to the sustainable development of cities. From the research conducted in this paper, it has been realized that the project of the ECOC has many positive effects on the development of the cities of the title holders, the most important of which is the long-term cultural development of the cities, the development of cultural tourism, the positive image and increased international recognition of the cities. As the selected head of the European Capital of Culture in 2020, Rijeka has the opportunity to become a new, recognizable cultural destination of Europe and to valorise and transform a rich cultural and industrial heritage into a recognizable cultural-tourist product. Cultural development and Urban renewal of the city is also expected, as well as the development of cultural tourism in the city and in the wider region.