The European Investment Bank (EIB) and Banca Monte dei Paschi di Siena (BMPS) signed today at the Rome headquarters of the Siena bank an agreement to finance small and medium-scale projects in the renewable energy and energy efficiency sector. The total amount made available by the EIB is EUR 200m. The EIB was represented by Dario Scannapieco, Vice-President with responsibility for financing operations in Italy, Malta and the Western Balkans, and BMPS was represented by its Chairman, Giuseppe Mussari.
The agreement meets one of the EIB’s traditional objectives in support of the European economy – the financing of projects intended to counter climate change via environmentally friendly instruments that exploit renewable energy sources.
BMPS and its subsidiary MPS Capital Service Banca per le Imprese will have the task of appraising and managing loan applications and making disbursements via their own branch network, thereby confirming their role as partners mindful of the region’s requirements and supportive of investors in sustainability and energy efficiency. The EIB loan will cover up to 50% of the cost of each project. Projects eligible for financing will include environmentally sustainable projects costing up to EUR 50m as well as ventures requiring greater investment, the latter typically under project financing arrangements.
This operation forms part of the EIB’s established working relationship with Gruppo Monte dei Paschi di Siena in financing Italian businesses under the framework agreement signed two years ago by the EIB, the Italian Banking Association (ABI) and Confindustria.
“The fight against climate imbalance caused by pollution has been given top priority for EIB financing in the coming years. We are therefore particularly satisfied with this operation with Banca Monte dei Paschi di Siena, a group with which we have a proven and very positive working relationship in terms of both financing Italian SMEs and supporting the investment programmes of local authorities”, remarked Mr Scannapieco.
Background information:
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.