What we do
Equity products
Technology Transfer
European Angels Fund (EAF) - Co-investments with Business Angels
Venture capital
The Social Impact Accelerator (SIA)
Lower mid-market
Mezzanine Facility for Growth
Pan-European Venture Capital Fund(s)-of-Funds programme
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
Debt products
AGRI Guarantee Facility
Credit enhancement
Cultural and Creative Sectors Guarantee Facility (CCS GF)
ENSI - Securitisation Initiative
Erasmus+ Master Loan Guarantee Facility
EREM debt products
Single EU Debt Financial Instrument
COSME - Loan Guarantee Facility
InnovFin SME Guarantee Facility
The SME Initiative
The SME Initiative Bulgaria
The SME Initiative Finland
The SME Initiative Italy
The SME Initiative Malta
The SME Initiative Romania
The SME Initiative Spain
Inclusive finance
EaSI Financial Instruments
EaSI Capacity Building Investments Window
EaSI Guarantee Instrument
European Progress Microfinance Facility
Entrepreneurs supported through Progress Microfinance
European Fund for Strategic Investments (EFSI)
How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
Baltic Innovation Fund (BIF)
Competitiveness Fund-of-Funds for SMEs in Romania
Regional Fund-of-Funds Romania
La Financière Région Réunion
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
Dutch Venture Initiative (DVI-II)
Dutch Growth Co-Investment Programme
European Recovery Programme (ERP)
ERP-EIF Co-Investment Growth Facility
ESIF Fund-of-Funds Czech Republic
ESIF Fund-of-Funds Greece
The Silesia EIF Fund of Funds
EstFund
FOSTER TPE-PME Occitanie
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
JEREMIE
LfA-EIF Facility
Luxembourg Future Fund (LFF)
Mezzanine 'Fund of Fund' for Germany (MDD)
Polish Growth Fund of Funds (PGFF)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
The EIB Group Risk Enhancement Mandate (EREM)
Western Balkans Enterprise Development & Innovation Facility II (WB EDIF II)

Italy: new resources from the EIB-EIF and CDP for natural disasters and social projects

  •  
    Date: 29 November 2017

New financial resources for the Italian economy are on the way thanks to three agreements signed today in Luxembourg between the European Investment Bank Group (EIB and EIF) and Cassa Depositi e Prestiti (CDP) at the annual strategy meeting between the two institutions in Luxembourg.

  • €530 million for families and SMEs for losses caused by natural disasters
  • 100 million from the Social Impact Italia Programme for social economy projects
  • Memorandum of Understanding between CDP and EIF extending partnership to support SMEs with innovative tools

Statement by Dario Scannapieco, Vice-President of the EIB and Chairman of the EIF:

"Italy is showing itself to be the country where collaboration between the EIB Group and the national promotional institution CDP is most effective within the EU in terms of tools and new finances mobilised for the real economy. Such collaboration is increasingly important with the economy currently showing the first significant signs of recovery in terms of GDP and overall employment."

Statement by Fabio Gallia, Chief Executive Officer of CDP:

“CDP is reaffirming its commitment to impact finance with the launch of the Social Impact Italia Programme, a new tool capable of supporting key market players with capital for social innovation. The agreement, coupled with new measures for families and SMEs, was made possible thanks to CDP’s long-standing partnership with the EIB and the EIF and will catalyse further EU resources for Italy’s economy.”

Statement by Pier Luigi Gilibert, Chief Executive Officer of the EIF:

“With the agreements between the EIF and CDP signed today, the portfolio of instruments available to smaller Italian companies is becoming increasingly more plentiful. The growth of tools has accelerated decisively with the Investment Plan for Europe, in which the EIF’s role as the EU's provider of financial leverage for SMEs has been confirmed, with an ever-growing volume of activity." 

Natural disasters

This agreement involves a loan of €530 million from the EIB to CDP, of which the first tranche of €230 million was signed today. The resources will be channelled into a €1.5 billion fund that CDP has set up to support reconstruction after the losses suffered by households and businesses as a result of 40 natural disasters (floods, landslides, etc.) in the last four years in 16 Italian regions.

The financing will take the form of a tax credit, a mechanism that has already been used with success in the case of the earthquakes in Abruzzo, Emilia-Romagna and Central Italy. The fund has a twofold advantage: on the one hand, it makes resources immediately available to local communities; and on the other, it enables the state to spread the burden of reconstruction over time.

Social Impact Italia Programme for the social economy

Collaboration with the European Investment Fund (EIF – EIB Group) has been strengthened further with the launch of the new Social Impact Italia Programme, which will have a total of €100 million co-financed equally by the EIF and CDP. The platform seeks to develop Italy’s inclusive finance market in support of social entrepreneurship. Acting as a patient and impact investor, Social Impact Italia will invest in the social sector both directly by financing specialised financial intermediaries (including microcredit) and indirectly by subscribing the units of investment funds active in the sector.

Partnership between the EIF and CDP for new financial products serving SMEs

The framework agreement signed today between the EIB and CDP consolidates and expands the partnership between the two institutions, further enriching the range of tools available to Italian and European SMEs. Since 2015, as part of the “Juncker Plan”, CDP and the EIF have launched a number of joint initiatives in the areas of equity, securitisation, guarantees and, more recently, financial products that efficiently use Structural Funds and promote access to credit through channels that are alternative and complementary to traditional sources of funds, such as debt financing.

Background information: 

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

The tax credit mechanism

The CDP Plafond, partially financed by the EIB via the credit line agreement signed today, is based on the tax credit mechanism and has a twofold advantage: on the one hand, it makes resources immediately available to families and businesses of the communities impacted by natural disasters. On the other hand, it enables the state to share the burden of reconstruction over time, taking advantage of the EIB’s favourable conditions as regards interest rates.

Specifically, the structure of the operation involves a number of steps:

  • the EIB finances the funding that CDP, under an agreement already signed with the Italian Banking Association (ABI), makes available to banks operating in the affected areas;
  • Families/private individuals and SMEs apply to the competent authorities to certify the losses they have incurred and the amounts involved. They then submit the document certifying the need for the reconstruction work and the associated amount to their bank;
  • On the basis of the certified damages, a tax credit is granted to the injured party (families, businesses) and transferred to the bank in order to reimburse the subsidised loans;
  • The bank receives the amount indicated from CDP and makes progress payments directly to the professionals and firms hired to design and execute the works;

The bank, on the basis of the tax credit of the injured party, is then reimbursed over the duration of the loans by the state.

  

Press contacts:

Marco Santarelli (in Rome)
m.santarelli@eib.orgtel.: +39 06-4719426
mobile: +39 331 65 95 594

David Yormesor
d.yormesor@eib.orgtel.: +352 43 79 81346
mobile:  +352 621 554 578

Website: www.eib.org/press

Press Office
press@eib.org
tel.: +352 4379 21000


 
 

Copyright ©

 European Investment Fund 2017 – The European Investment Fund is not responsible for the content of external internet sites.