In Milan on 21 December the European Investment Bank (EIB) and the Lombardy Region signed a three-year framework cooperation agreement and a EUR 330m loan in support of the regional economy. This is the first direct loan between the EIB and the Lombardy Region. The EIB was represented at the signing ceremony by Dario Scannapieco, Vice-President with responsibility for operations in Italy, Malta and the western Balkans, and the Lombardy Region was represented by its Governor, Roberto Formigoni.
Framework Agreement
The Framework Agreement, which is valid for the three-year period 2010-2012, sets out the arrangements for cooperation between the EIB and the Region and identifies the sectors that will benefit from EIB funding. The Agreement mainly applies to small and medium-sized enterprises (SMEs), infrastructure and the water sector and also covers general cooperation in relation to priorities that may emerge over the three-year period.
EUR 330m for the Regional Plan
The operation consists of an EIB credit line of EUR 330m for the Lombardy Region to finance its 2007-2013 Regional Development Programme. The funds will be provided for projects in a variety of sectors such as environmental protection, sustainable mobility and information technology. This first operation will be supplemented by a EUR 200m loan for SMEs, which is currently being finalised.
“The EIB has a long tradition of financing Lombardy’s economy, from large, medium-sized and small enterprises operating in the region to the fields of infrastructure works and human capital”, remarked Mr Scannapieco. “Today’s announcement further consolidates this tradition and lays the foundations for a shared commitment to greater cooperation in the coming years, particularly in the light of future events of international importance involving the region, such as the 2015 World Fair”, added the EIB Vice-President.
Background note:
EIB
The European Investment Bank supports the strategic and policy objectives of the European Union by granting long-term loans for economically viable investment projects. The EIB’s shareholders are the 27 EU Member States. Italy is one of the four leading shareholders, along with the United Kingdom, Germany and France, each holding a 16.2% stake in the Bank. At end-2008, the EIB’s total financing amounted to EUR 355bn, of which EUR 45bn went to Italy.