Italy: EIB and CDP lend EUR 1 520 million to complete the BreBeMi motorway
Today in Milan the financing agreement for the BreBeMi motorway was signed by the European Investment Bank (EIB), the Cassa Depositi e Prestiti Group (via CDP and SACE) and five Italian banking groups (Intesa Sanpaolo, Unicredit, MPS Capital Services, Centrobanca and Credito Bergamasco).
The total funding made available for the completion of the 62 km section of the Brescia-Bergamo-Milan motorway amounts to EUR 1 520 million.
This new infrastructure will help to relieve traffic congestion on Lombardy’s current motorway network − a key artery of the country’s transport system − thereby cutting travel time and costs. There will also be a positive environmental impact thanks to the reduction in air pollution in the entire region, which is also a high-density residential area.
“This loan is particularly satisfying since the combined forces of long-term investors such as the EIB and CDP along with the valuable cooperation of Italy’s banking system can help to activate and channel the funds that Italy needs to upgrade its infrastructure, support jobs and boost productivity”, remarked Dario Scannapieco, EIB Vice-President with responsibility for operations in Italy, Malta and the Western Balkans.
“The construction of strategic infrastructure such as the BreBeMi motorway”, stated CDP’s CEO Giovanni Gorno Tempini, “confirms Cassa Depositi e Prestiti’s commitment to supporting the country’s economy and infrastructure base. Joint action by CDP and SACE is the first tangible move towards exploiting the new CDP Group’s potential.”
Specifically, the finance contract provides for CDP to lend EUR 760 million directly to the BreBeMi special purpose vehicle, with a further EUR 60 million to be disbursed via the five banks, making a total of EUR 820 million.
Likewise, the EIB will lend EUR 105 million directly to BreBeMi and provide EUR 595 million through the same domestic banks, making for a total of EUR 700 million. The EIB’s overall contribution will be secured by SACE, the CDP Group’s Italian credit insurance company.
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