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Italy: EIF signs agreements with Banco di Napoli and Banca del Mezzogiorno-Mediocredito Centrale to support Calabria's SMEs through JEREMIE

    Date: 29 May 2013

EUR 95 million of loans at favourable conditions through JEREMIE

Italian version

Luxembourg / Lamezia Terme, 29 May 2013

EIF has selected Banco di Napoli and Banca del Mezzogiorno–MedioCredito Centrale (BDM-MCC) to manage resources made available by the European Regional Development Fund (ERDF) to the Calabria Region until 2015 under the JEREMIE initiative (Joint European Resources for Micro to Medium Enterprises). Through the two agreements the two banks will make available EUR 95 million of loans at favourable conditions to SMEs operating in Calabria.

In particular, Banco di Napoli will provide EUR 52.5 million and BDM-MCC - through the local branches of the Italian Post offices - EUR 42 million. The loans for each enterprise may not exceed EUR 900,000 for a period of up 10 years.

The agreements were presented this morning in Lamezia Terme, at the presence of the President of the Calabria Region Giuseppe Scopelliti, the EIF’s Head of the JEREMIE operations in Italy, France, Spain, Portugal and Malta, Bruno Robino, the Calabria-Lucania Area Director of Banco di Napoli, Michele Attivissimo, and the Director, Head of Grants and Subsidies for Research, Innovation and Environment Corporates Market Department of Mezzogiorno-MedioCredito Centrale, Jean Bernard Piedboeuf.

"Today's event demonstrates that we have achieved another important objective, in less than a year and a half after signing the JEREMIE agreement with the EIF. The two banks which have been selected by the EIF will enable local SMEs to access about EUR 95 million of loans at a favourable conditions. JEREMIE is a financial engineering fund contributing concretely to the growth of our local businesses in the context of a broader economic development policy that we have been pursuing in our Region, despite the particular financial crisis that we are experiencing," commented Giuseppe Scopelliti, President of the Calabria Region.

Bruno Robino, EIF’s Head of JEREMIE operations in Italy, France, Spain, Portugal and Malta, added: "These two agreements will support Calabria’s SMEs through innovative financial products. By combining public and private resources, JEREMIE generates a significant leverage effect on the EU funds entrusted to the Region, which allows making a sustainable contribution to the recovery of investments and the creation of new businesses, particularly in difficult economic times. The transactions reaffirm EIF’s commitment to enhance access to finance to SMEs, the main segment of Italian and European economy, including regional development, with a focus on Southern Italy."

"Through this agreement, Banco di Napoli implements an EU initiative that provides Calabria’s entrepreneurs significant financial resources, aiming at significantly reducing the cost of loan finance. Besides making the EU funds allocated to the Region available to the largest number of individuals possible, Banco di Napoli will match such funds with its own resources. The Intesa Sanpaolo Banking Group, to which Banco di Napoli belongs, combines proximity to its customers at local level with the specialised skills of Mediocredito Italiano, the Group’s Bank specialised in supporting SME’s development that had a significant role in managing relations with the EIF and carrying out all the due diligence related activities, needed for implementing the agreement presented today,” said Michele Attivissimo, Direttore dell’Area Calabro-Lucana del Banco di Napoli.

Jean Bernard Piedboeuf, Director, Head of Grants and Subsidies for Research, Innovation and Environment Corporates Market Department of Mezzogiorno-MedioCredito Centrale, concluded: “Thanks to JEREMIE Calabria, our bank is able to strengthen its offer to small and medium-sized enterprises in Calabria, offering loans at particularly favourable terms, even for medium to long term expansion projects, making available locally, once again, its expertise in providing grants and soft loans aiming at integrating public and private resources, making an increased use of financial engineering instruments co-financed by the EU Structural Funds ".

Notes to Editors:

JEREMIE (Joint European Resources for Micro to Medium Enterprises)

JEREMIE  is a joint initiative launched by the European Commission (Directorate General Regional Policy) and the European Investment Bank Group to improve access to finance for SMEs in the EU within the Structural Funds framework for the period 2007 - 2013. JEREMIE enables the EU Member States and Regions to put money from the structural funds and also national resources into holding funds that can finance SMEs in a flexible and innovative way. The new initiative aims at developing and fostering the role of entrepreneurship within the EU. In Calabria, the JEREMIE Holding Fund is financed from the European Regional Development Fund (ERDF) within the framework of the Regional Operational Programme 2007-2013 Calabria. To date, at EU level, EIF manages a total of 14 JEREMIE Holding Funds, of which 7 at national level and 7 at regional level. In Italy, EIF manages JEREMIE Holding Funds in the Campania, Calabria and Sicily Regions for a total amount of EUR 210 million EU Structural Funds resources.

The European Investment Fund (EIF)

EIF's 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 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. EIF’s total net commitments to private equity funds amounted to over EUR 6.9bn at end 2012. With investments in over 435 funds, 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. EIF’s guarantees loan portfolio totalled over EUR 4.7bn in close to 255 operations at end 2012, positioning it as a major European SME guarantees actor and a leading micro-finance guarantor. In Italy, in 2012, the EIF has invested EUR 52.5m of equity in 3 operations that helped to leverage additional EUR 285m. In addition, EIF committed EUR 160m in 12 microfinance and guarantee operations through which EUR 408.3m of new loans to SMEs could be made available. For companies wishing to access funding, please refer to the list of partners of the EIF in Italy: http://www.eif.org/what_we_do/where/it

Banco di Napoli

Banco di Napoli’s “historical presence” in Southern Italy demonstrates strong links with the evolution of the local economy. Through the merger of “Banca Intesa” and Sanpaolo, with effect from January 2007, Banco di Napoli strengthened its local network. In October of the same year the Bank took over the former and historical name of Banco di Napoli. With its 750 branches across Campania, Calabria, Puglia and Lucania regions, Banco di Napoli serves 2 million of customers. The continuity given by the former name is expressed in its deep knowledge of the territory, local institutions, production chains and businesses.

Banca del Mezzogiorno-MedioCredito Centrale (BdM-MCC)

Banca del Mezzogiorno-MedioCredito Centrale S.p.A. (owned 100% by Poste Italiane S.p.A.) mission is to support business development in the Southern Italian Regions and to increase the availability of credit in the medium and long term. BdM-MCC is also leader in providing grants and soft loans and in offering services to local and national governmental authorities for the development of public policies supporting entrepreneurship.

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