The European Investment Bank and SanPaolo IMI have concluded an agreement to finance small and medium-sized enterprises (SMEs) working in conjunction with Fiat Auto in eight provinces in Italy. On the basis of this new agreement, SanPaolo IMI will be able to finance up to 75% of the total cost of SME projects with funds made available under EIB global loans.
This short-term operation aims to help restore the competitiveness of local and regional economies affected by industrial restructuring. Particular consideration will be given to SMEs undertaking investments before the end of 2004 and contributing to the preservation or creation of jobs. Redevelopment, restructuring and diversification projects will be eligible for financing.
This type of agreement may be extended to other credit institutions working with the EIB and may also be applied to financial leasing operations.
The EIB, the European Union's long-term financing institution, funds capital investment furthering European integration in fields such as regional development, trans-European transport, telecommunications and energy networks, industrial competitiveness, small and medium-sized enterprises, environmental protection, and energy security. The EIB also operates outside the EU within the framework of the EU's development aid and co-operation policy. Owned by the Member States, the Bank raises its funds on the capital markets (AAA-rated issuer).