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The operation is a Multiple-Beneficiary Intermediated Loan (MBIL) supporting small and medium-sized enterprises (SMEs) in Italy's pharmacy sector.
The aim is to enhance access to finance for the target beneficiaries. At least 30% of the EIB loan will support SMEs complying with the EIB's gender equality financing criteria, while at least 50% of the sub-projects are expected to be located in cohesion regions.
The proposed operation, with a minimum 30% gender equality and a minimum 50% cohesion region windows, aims to address market failures related to access to finance for SMEs, including self-employed pharmacy professionals. Market failure arises due to information asymmetries between lender and borrower resulting in no or costly access to finance. This is particularly the case for new and/or women owned businesses.
The operation also aims to generate positive externalities by promoting gender equality and women's economic empowerment, provision of health services and products offered by the pharmacies including in rural areas, as well as helping to reduce regional disparities.
Banca IFIS/Credifarma brings in expertise and its widespread network of pharmacists benefitting the operation. The additional lending capacity with medium to long-term financing and lower financing costs provided through EIB's intervention will promote access to finance for final beneficiaries and generate positive effects on provision of healthcare products and services to citizens. In addition, Banca IFIS/Credifarma will be offered advisory support throughout the implementation to contribute to the intermediary's efforts to further measure, strengthen and expand its portfolio's contribution to gender equality goals going forward.
The operation falls within the scope of the EIB's Environmental and Social Standards - "Standard 11 Intermediated Finance". The Borrower / Financial Intermediary has adequate capacity, systems and processes in place for identifying, assessing, managing and monitoring environmental, climate and social (ECS) risks related to the potential sub-projects benefitting from EIB support. Final beneficiaries need to comply with the applicable national and EU environmental and social legislation.
Final beneficiaries need to comply with the applicable national and EU legislation.