EIB and Intesa Sanpaolo commit €1 billion in loans to Italian SMEs
(17 November 2015 – Italy) The European Investment Bank (EIB) and Intesa Sanpaolo have announced a partnership to assist in financing Italian small and medium-sized enterprises (SMEs).
The total amount dedicated to the venture will be €1 billion (A$1.5 billion). The Bank of the European Union is to provide a credit line totalling €500 million, with Intesa Sanpaolo committed matching that amount for beneficiary SMEs.
According to the statement, the funds will be exclusively made available for investment by smaller companies and provided via Mediocredito Italiano, the corporate financing arm of the Intesa Sanpaolo Group.
The loans will be either for new projects or those in progress but not yet completed amounting to no more than €25 million for a maximum period of 15 years.
In a joint statement, EIB Vice-President Dario Scannapieco said: “I am particularly pleased with this new operation, as, thanks to the scale of the total amount of finance that will be mobilised, we shall be able to give a huge boost to the economic recovery that is under way.”
Carlo Messina, Intesa Sanpaolo's CEO added: "For Intesa Sanpaolo the long-standing cooperation with the European Investment Bank provides one of the concrete forms of assistance for supporting the real economy. At a time when the country's economy is recovering, our bank is committed to accelerating the effects of growth,”
“Thanks to today's agreement, we shall certainly be able to have another instrument available for businesses that intend to invest and innovate to see their development projects through to completion.”
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