Intesa Sanpaolo and the EIB: 2 billion euro
for italian companies
• Agreements signed over the course of 2017 have generated an overall fund of 2 billion euros
• Funds will be allocated to Italian companies (SMEs and Midcap) for various projects, including those involving energy efficiency and social initiatives
• Loans will be granted through Mediocredito Italiano and Banca Prossima
Milan, 14 December 2017 – The collaboration between Intesa Sanpaolo and the European Investment Bank (EIB) has been stepped up for the financing of Italian companies.
Throughout 2017, five different agreements have been signed that envisage credit lines of a value of 1 billion euro being made available by the EIB and a commitment by Intesa Sanpaolo to match that amount with own funds provided to beneficiary companies, thereby raising the overall amount available to support the Italian economy to 2 billion euro.
The funds will be allocated to small and medium-sized Italian enterprises and Midcap companies through the intermediary Mediocredito Italiano, the Intesa Sanpaolo Group’s bank that specialises in supporting the development of companies, and through Banca Prossima, the Group’s non-profit bank specialising in loans in the social sector.
The first agreement will finance initiatives and projects promoted by Midcap companies, namely those that, at a consolidated level, have between 250 and 3000 employees, whilst a second operation involves a credit line for disbursements which are exclusively destined for investments by smaller companies (SMEs).
The third innovative line of credit goes to financing energy efficiency projects in the public, industrial and residential sectors which shall have to be carried out on Italian national territory primarily by energy service companies (ESCO).
The fourth agreement is to provide economic support to strategic sectors such as agriculture and the agri-food production chain through financing Midcap companies and SMEs operating in these fields and in related industries such as forestry, fishing and food product manufacturing.
These four lines of credit will be granted through Mediocredito Italiano.
Supporting social initiatives is also a central element. This is the goal of the fifth line of credit. Through Banca Prossima, this line will fund investments in the health and education sectors, as well as other projects, in the context of urban requalification programmes, promoted by small and medium-sized Italian enterprises.
“The agreements signed throughout 2017 continue and strengthen a collaboration between Intesa Sanpaolo and the European Investment Bank that has lasted many years and reinforces the Italian economic system” said Carlo Messina, CEO of Intesa Sanpaolo. “Our Bank is a driver of the real economy’s growth, as is proven by the value of medium and long-term loans granted in the first nine months of the year, totalling 36 billion euro. Thanks to these new loans, it will be possible to provide further support to small and medium-sized enterprises, as well as support strategic development projects for our country in key sectors such as health, education, energy efficiency and agri-food production”.
“In Italy, but also in Balkan countries where the Group is present through its subsidiaries, Intesa Sanpaolo has long proven to be a strong and effective partner at a European level in employing the benefits of the EIB’s funding for small and medium-sized enterprises,” said Dario Scannapieco, Vice-President of the EIB, “and this is a determining factor in the current phase of consolidating recovery in a country like ours, where employment, particularly among young people, is driven by the investments of smaller companies”.
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Last updated 14 December 2017 at 11:48