A framework agreement between the European Investment Bank (EIB), Associazione Bancaria Italiana (ABI) and Confindustria to increase EIB financing to Italian companies for investment in research, development and innovation (RDI) and small and medium-sized enterprises (SMEs) was signed today in Rome in the presence of the Minister of Economy and Finance, Giulio Tremonti. The EIB was represented by Dario Scannapieco, Vice-President with responsibility for financing operations in Italy, Malta and the Western Balkans; ABI by its Chairman Corrado Faissola; and Confindustria by its President Emma Marcegaglia.
The agreement provides for full cooperation between the three institutions in a number of areas:
- making extensive use of the instruments created by the EIB, with particular emphasis on the measures to simplify EIB loans for SMEs, thereby providing the beneficiary enterprises with the best possible financing terms;
- encouraging the swift deployment of the credit lines made available by the EIB to intermediary banks, thereby helping to improve and standardise the related reporting procedures;
- actively supporting RDI projects promoted by private or public businesses;
- working together on Confindustria’s North-South programme, whose purpose is to carry out high-tech projects throughout the country;
- supporting projects by large corporates and the construction of major strategic works.
In order to periodically assess the results achieved and identify new initiatives to improve cooperation, it was agreed to set up a joint EIB-ABI-Confindustria working group.
In 2008, the EIB pumped finance totalling EUR 8.3bn into the Italian economy (+48% compared to 2007), thereby increasing outstanding loans to EUR 45bn. Of aggregate new lending, EUR 2.5bn went via the EIB’s 25 Italian banking group partners to SMEs, kick-starting EUR 5bn worth of investment programmes co-financed by the EIB and partner banks.
“This agreement will boost cooperation between the three institutions, giving Italian businesses – especially SMEs – easier and greater access both to the EIB’s financial instruments and to those that we will be examining together with ABI and Confindustria, whom I wish to thank for supporting this initiative”, remarked Mr Scannapieco, “with the common objective, in this time of crisis, of curbing the impact of the recession and laying the foundations for a solid and lasting economic recovery”.
"The agreement, on which we worked with Diana Bracco, hinges on Confindustria’s full commitment to increasing the number of facilities available to businesses”, pointed out Ms Marcegaglia, “and to investing in the true levers of growth – research, innovation and strategic projects. This is a key requirement if we wish not only to ride out the crisis but come out the other side with a stronger, more competitive economic system".
In Mr Faissola’s words, “this agreement represents an important initiative that we, as a banking industry, wish to develop with an eye to the major strategic factors for the country’s development – research, development, innovation and support for SMEs. The financial crisis is having an acute impact on these very sectors. All our energies and synergies must be directed towards the future. What I’m referring to are the most innovative enterprises, which will benefit from the best possible financing terms thanks to the funding provided by the EIB. The banking system too is willing to play its part alongside the EIB to exploit this funding to the full. This agreement will mark the beginning of an ongoing approach of relations based on a system for defining new initiatives for the country’s growth and development”.