Over €400 billion to support Italy’s Recovery Plan

Intesa Sanpaolo will provide over €400 billion in medium/long-term lending to businesses and households in support of Italy’s National Recovery and Resilience Plan (PNRR). CEO Carlo Messina made the announcement during the presentation of the Group’s 2020 Industrial Districts Economic and Finance Report, published by the Intesa Sanpaolo Research Department.

Underlining Intesa Sanpaolo’s role in supporting the real economy, the Bank will provide over €400 billion in credit including:

• About €120 billion to companies with a turnover up to €350 million
• Around €150 billion to companies with a turnover exceeding €350 million
• Over €140 billion to individuals and households.

For businesses, Intesa Sanpaolo will focus support on those projects that are closely related to the Recovery Plan’s priorities such as green, circular and ecological transition; infrastructure; and transport and urban regeneration projects.

During the presentation, CEO Carlo Messina commented:

"To accelerate growth, it is essential to leverage a return to household consumption and Italy’s sizeable household savings. But above all, we must invest in the business sector and particularly in the country’s supply chains and industrial districts. The National Recovery and Resilience Plan can become a fundamental point in moving our country from modest growth to accelerated growth, enabling Italy to recover employment and reduce social inequalities.

"Italy is the nation of industry clusters, and Intesa Sanpaolo is the bank of Italy’s clusters and districts. Intesa Sanpaolo is ready to support businesses so they can make the most of the benefits deriving from the National Recovery and Resilience Plan".