EIF launches Progress Microfinance in Italy by signing with BCC Mediocrati in Calabria

On  July 20, the EIF and Banca di Credito Cooperativo Mediocrati (BCCM) - a small cooperative bank forming part of the nationwide ICCREA network of cooperative banks - signed the first agreement in Italy under the European Progress Microfinance Facility (Progress Microfinance), a EUR 203 m joint initiative funded by the European Commission and the European Investment Bank -  and managed by the EIF - aiming at increasing access to finance for individuals who do not have access to traditional banking system, including people at risk of social exclusion. The signature also marks the 20^th transaction signed under Progress Microfinance across the EU.

In particular, this EIF will provide to BCCM long-term financing with a principal amount of EUR 3 m. BCCM will add further EUR 1,5 m,  thus making available up to EUR 4.5 million of micro-loans to over 200 micro-enterprises or individuals from disadvantaged groups such as ethnic minorities, female and young self-employed entrepreneurs, thus contributing to employment creation and conservation, entrepreneurship and local development in the province of Cosenza. Micro-enterprises wishing to apply for a micro-loan under Progress Microfinance should contact BCC Mediocrati branches or visit: http://www.mediocrati.it/

The event took place at the headquarters of the Province of Cosenza with the presence of its President, Mario Oliverio, the EIF represented by Riccardo Aguaglia, Senior investment manager signing the agreement with Nicola Paldino, President of BCC Mediocrati. The ceremony was also attended by Alessandro Messina, representing Federcasse, an Italian network of cooperative banks, and numerous local stakeholders, including media representatives.

For further information please download the Press release

or watch the video interviews (in Italian) with R. Aguglia, EIF Senior Invstment Manager.

- "RAI TRE" TV NEWS

- Telecosenza