The European Investment Fund (EIF), UniCredit, Federconfidi and FederAscomfidi have signed the first Competitiveness and Innovation Programme (CIP) securitisation agreement to support Small and Medium-sized Enterprises (SMEs) in Italy. This transaction under the CIP initiative, helps companies in Italy to have easier access to an additional EUR 120m of new loans.
Read more details in the Italian version of the joint press release Federconfidi - UniCredit and the in the Italian version of the joint press release FederAscomfidi - UniCredit.
About the EIF
EIF's central mission is to support Europe's small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture capital and guarantees instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment. The EIF total net commitments to private equity funds amounted to over EUR 6bn at end 2011. With investments in over 370 funds, the EIF is a leading player in European venture due to the scale and the scope of its investments, especially in high-tech and early-stage segments. The EIF guarantees loan portfolio totalled over EUR 7.6bn in close to 220 operations at end 2011, positioning it as a major European SME guarantees actor and a leading micro-finance guarantor.
About CIP
The Competitiveness and Innovation Programme (CIP), which spans from 2007 to 2013, has been put in place to boost European productivity, innovation capacity and sustainable growth, whilst simultaneously addressing complementary environmental concerns.
Within the framework of the CIP, the European Investment Fund (EIF) has been allocated EUR 1.1bn to be split between venture capital – with the High Growth and Innovative SME Facility (GIF) - and guarantees – with the SME Guarantee Facility (SMEG).
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