What we do
Public consultation on the EIB Group's Environmental and Social Sustainability Framework - informational webinars
Public consultation on the EIB Group's Environmental and Social Sustainability Framework
The EIF in 2020
Coronavirus: The EIB Group’s initiatives to address its economic consequences
Pan-European Guarantee Fund – EGF
Sustainable Development Umbrella Fund
SDUF Health Compartment
Equity products
AI Co-Investment Facility
Climate & Infrastructure Funds
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
VentureEU
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
ESCALAR Programme
Debt products
New ESIF ERDF Guarantee Fund initiative in Greece
EFSI Private Credit Programme
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
Skills & Education Guarantee Pilot
EREM debt products
Single EU Debt Financial Instrument
InnovFin SME Guarantee Facility
COSME - Loan Guarantee Facility
Documentary Finance Facility – Bulgaria
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
EaSI Funded 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
Dutch Future Fund (DFF)
Dutch Alternative Credit Instrument (DACI)
PORTUGAL BLUE: a new initiative for blue economy investments
JEREMIE Greece Reflows – Business Angels’ Co-Investment Equity Instrument
German Corona Matching Facility (CMF)
Portugal Growth programme
Croatian Growth Investment Programme (CROGIP)
Central and Eastern European Technology Transfer (CEETT)
AGRI Italy Platform Uncapped Guarantee Instrument
ALTER’NA – ESIF EARFD Nouvelle-Aquitaine
Baltic Innovation Fund 1 (BIF 1)
Baltic Innovation Fund 2 (BIF 2)
Central Europe Fund of Funds (CEFoF)
Croatian Venture Capital Initiative (CVCi FoF)
Competitiveness Fund-of-Funds for SMEs in Romania
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
Dutch Growth Co-Investment Programme
Dutch Venture Initiative (DVI-II)
ESIF Fund-of-Funds Greece
EAFRD FoF Portugal
EAFRD FoF Romania
The ERP-EIF Facility
ERP-EIF Co-Investment Growth Facility
The LfA-EIF Facilities
The German Future Fund (GFF) - EIF Growth Facility
INAF – French National Agricultural Initiative
ESIF Energy Efficiency and Renewable Energy Malta
Regional Fund-of-Funds Romania
ESIF Fund-of-Funds Czech Republic
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
InvestBG Equity Instrument
JEREMIE
JEREMIE Romania Reflows – Equity Instrument
Luxembourg Future Fund (LFF)
Mezzanine 'Fund of Fund' for Germany (MDD)
Polish Growth Fund of Funds (PGFF)
Portugal Venture Capital Initiative (PVCi)
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)
EAFRD FoF Greece

CDP, EIF and MCC: 5 billion euro in new lending to SMEs through one of the largest guarantee operations ever carried out in Italy with EGF funds

  •  
    Date: 16 September 2021
  • The agreement allows the SME Guarantee Fund to issue new guarantees in support of approximately 30,000 Italian companies
  • The operation is backed by the Pan-European Guarantee Fund (EGF),part of the 540 billion euro package of measures approved by the European Union to respond to the economic impact generated by COVID-19

Two separate agreements to grant five billion euro in new lending from the banking system to Italian small and medium-sized enterprises. This is the primary objective of the initiative launched by Cassa Depositi e Prestiti (CDP) together with the European Investment Fund (EIF, EIB Group) and Mediocredito Centrale (MCC), manager of the SME Guarantee Fund (Guarantee Fund).

In terms of size, this is one of the largest portfolio guarantee operations ever carried out in Italy to date backed by the Pan-European Guarantee Fund (EGF), part of the 540 billion euro package of measures approved by the European Union to respond to the economic impact of the pandemic. It is estimated that the agreements signed will facilitate the access to finance at advantageous conditions for some 30,000 Italian SMEs affected by the pandemic crisis, thereby also safeguarding employment levels.

The operation is structured on a portfolio basis via new guarantees to be originated by the SME Guarantee Fund up to a maximum amount of 4.5 billon euro, 80% of which will benefit from a CDP counter-guarantee (i.e., up to 3.6 billion euro). CDP, on its turn, will receive a counter-guarantee from the European Investment Fund (EIF) - of which the European Investment Bank (EIB) is the principal shareholder - using resources from the EGF. Given the significant amount of leverage generated by the scheme, it is estimated that over five billion euro in new funding will be made available to Italian businesses.

The operation seeks to boost further the operating capacity of the SME guarantee Fund in support of Italy's productive fabric. The initiative follows an agreement signed by CDP and the EIB in July, in which the EU bank granted up to 600 million euro in guarantees, always within the framework of the EGF programme, to support CDP's lending operations in favour of Italian mid- and large-cap corporate.

The SME Guarantee Fund, managed by Mediocredito Centrale on behalf of the Ministry of Economic Development, was the primary public sector operational mechanism for dealing with the pandemic crisis in support of Italian firms. From March 2020 to September 2021, it received 2.4 million applications for guarantees amounting to approximately 198 billion euro.

Background information

European Investment Fund (EIF)

The EIF is a financial institution within the European Investment Bank (EIB) Group. Its primary mission is to support Europe's micro, small and medium-sized enterprises (SMEs) by improving their access to credit. The EIF designs and develops equity, guarantee and microcredit instruments that are tailored to the needs of this category of businesses. In this role, the EIF pursues the European Union's objectives of supporting innovation, research and development, entrepreneurship, growth, and employment.

The Pan-European Guarantee Fund (EGF) was set up by the EIB Group (EIB and EIF) with contributions from Italy and other EU Member States to protect businesses affected by the crisis caused by COVID-19. With nearly 25 billion euro in guarantees, the Pan-European Guarantee Fund allows the EIB and EIF to rapidly issue loans, guarantees, equity and other financial instruments, primarily to SMEs and mid-caps. The Pan-European Guarantee Fund is part of the European Union's package of measures that aims to provide a total of 540 billion euro to relaunch the hardest-hit sectors of the EU economy.

Cassa Depositi e Prestiti (CDP)

Cassa Depositi e Prestiti is a National Promotional Institution that has been supporting the Italian economy since 1850. Through its actions, it is engaged in accelerating the industrial and infrastructural development of the country, so as to sustain its economic and community growth. CDP focuses its activities on regional sustainable development and also supports innovation and growth, including international growth, of Italian companies. It is a partner of Local Authorities, with loans and advisory services, for the creation of infrastructures and for the improvement of services of public utility. In addition, it is active in the field of International Cooperation to fund projects in developing countries and emerging markets. Cassa Depositi e Prestiti is funded totally by private resources, through the issue of postal bonds and passbook accounts and through issues onto the national and international market. For more information, please visit www.cdp.it.

Mediocredito Centrale (MCC)

Mediocredito Centrale is a state-owned bank wholly owned by the Invitalia Group, which is controlled by the Ministry of Economy and Finance. The Bank has consolidated its institutional role in increasing the competitiveness of the country, particularly in the South, by establishing the Mediocredito Centrale Banking Group, which includes Banca Popolare di Bari and Cassa di Risparmio di Orvieto. MCC's three main objectives, supporting the country's economic fabric, facilitating access to credit for SMEs, and providing support for productive investments and research and development, are achieved through the granting of credit and subsidies. For more information, please visit www.mcc.it.

The SME Guarantee Fund, managed by Mediocredito Centrale on behalf of the Ministry of Economic Development, facilitates access to credit for small and medium-sized enterprises and professionals by issuing a public guarantee on loans granted by banks, lease companies and other financial intermediaries. The Fund, strengthened through the Liquidity Decree to counter the pandemic crisis, intervenes on loans for any purpose and duration granted to entities operating in all economic sectors. The Fund intervenes in the form of a direct guarantee at the request of the lenders (banks, lease companies and other intermediaries) or in the form of a reinsurance/counter-guarantee at the request of the guarantors (credit consortiums and other intermediaries).

Press contacts

EIF:

Lorenzo Squintani, tel.: +352 691 285 772, l.squintani@eib.org
Website: www.eif.org  – Press office: +352 4379 21000 – press@eib.org
Follow us on Twitter.com/eif_eu

CDP:
Media Relations CDP, 
tel.: +39 06 4221 4000, ufficio.stampa@cdp.it

MCC:
Gianluca Amico,
tel. +39 06 4791 2258, ufficio.stampa@mcc.it
 

We use cookies to give the best browser experience on our website. or change cookie settings.

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.

 
 

Copyright ©

 European Investment Fund 2021 – The European Investment Fund is not responsible for the content of external internet sites.