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
AGRI Italy Platform Uncapped Guarantee Instrument
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
Asset Management Umbrella Fund (AMUF)
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
AGRI Italy Platform Uncapped Guarantee Instrument
Baltic Innovation Fund (BIF)
Central Europe Fund of Funds (CEFoF)
Croatian Venture Capital Initiative (CVCi FoF)
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
Dutch Growth Co-Investment Programme
Dutch Venture Initiative (DVI-II)
EAFRD FoF Romania
European Recovery Programme (ERP)
ERP-EIF Co-Investment Growth Facility
Competitiveness Fund-of-Funds for SMEs in Romania
Regional Fund-of-Funds Romania
ESIF Fund-of-Funds Czech Republic
ESIF Fund-of-Funds Greece
The Silesia EIF Fund of Funds
La Financière Région Réunion
The EIB Group Risk Enhancement Mandate (EREM)
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)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Western Balkans Enterprise Development & Innovation Facility (WB EDIF)

EUR 1.3 billion for Italian SMEs in the Mezzogiorno as EIF signs SME Initiative Securitisation Instrument transactions with five commercial banks

  •  
    Date: 26 January 2018

The European Investment Fund (EIF), part of the European Investment Bank Group, has signed the five synthetic securitisation transactions in Italy, with the following commercial banks: Banca di Credito Popolare, Banca Popolare di Bari, Banco di Napoli, UniCredit and Unione di Banche Italiane, in the context of the SME Initiative Italy (SMEi Italy).

The EIF securitisation transactions provide guarantees on over EUR 2.9 billion of existing loan portfolios to SMEs and Small Mid-Caps allowing the five banks to provide EUR 1.3 billion of new lending to SMEs in Mezzogiorno.

These agreements aim to improve access to finance for over 6,300 Italian SMEs in Southern Italy, including micro companies and start-ups, by ensuring that the banks committed to the SMEi Italy offer financing at lower interest rates.

Commenting on the new signatures, EIF Chief Executive Pier Luigi Gilibert said: “With today’s signatures with five commercial banks we have exceeded our target by making EUR 1.3 billion of finance available to SMEs in the Mezzogiorno region. Italy was the first Member State to implement the SME Initiative securitisation instrument and we are pleased that the credit sector has shown a strong interest in this product which will provide finance at advantageous terms to SMEs.

EIB Vice-President, Dario Scannapieco said: “In line with the Juncker Plan, this initiative uses EU Structural and Investment Funds via innovative financial instruments to support lending to Italian SMEs, which constitute 99% of all businesses in the Italian economy. The EUR 1.3 billion of new debt finance, with five commercial banks is only possible thanks to the innovative features of the SME Initiative, which will help businesses regain competitiveness, thereby providing a strong stimulus for growth and employment.”

Director General of the Ministry of Economic Development (MISE), at the Managing Authority for the SMEi Italy, Carlo Sappino said: “With the signature by EIF of the five securitisation transactions a first important milestone has been marked under the SME Initiative Italy. The SME initiative is an innovative instrument that acts in synergy with the other actions implemented at national level thus increasing the benefit for the final recipients. We hope now that the enterprises will make use of the new debt financing opportunities made available by the selected financial intermediaries in the Mezzogiorno area of Italy.

European Commissioner for Regional Policy Corina Crețu said: "By specifically targeting small businesses in the south of Italy and improving their access to finance, the five deals signed today will fuel the economy of the country as a whole. There are so many brilliant people and great ideas in these regions just waiting for the financial boost they need to help get their projects to get off the ground. I congratulate the Italian authorities on making the best use of the innovative Cohesion Policy tool that is the SME initiative."

The SMEi Italy programme, launched in October 2016 and funded by EUR 202.5 million from European Structural and Investment Funds and national resources, is part of a broader initiative of the European Commission and the EIB Group which entails an innovative change in the use of Cohesion Policy funds, combining the latter with EU central budget and EIB Group funds.

The contribution of Italy, alongside the EU central budget (resources from the COSME Programme) and EIB Group funds allocated to this initiative are used to securitise existing SME and Small Mid-Caps loan portfolios of selected banks undertaking to originate new commercial lending to SMEs in the Mezzogiorno area of Italy. This will result in more debt financing at advantageous interest rates available to eligible SMEs. This financial instrument will act as a catalyst for private investment and foster job creation within the SME community.

About EIF

The European Investment Fund (EIF) is part of the EIB Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance 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.

About the EIB

The European Investment Bank (EIB) is the EU’s long-term lending institution and is owned by the EU Member States. It makes long-term finance available for sound investment, contributing to growth, jobs, regional convergence and climate action in Europe and beyond.

To maximise growth and job creation, the EIB targets four priority areas: innovation and skills, SMEs, climate action and strategic infrastructure across the EU.

EIF:
David Yormesor

E-mail: d.yormesor@eif.org
Tel.: +352 42 66 88 346

Follow us on Twitter @EIB


 
 

Copyright ©

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