- Loans for financing Italian midcaps will be disbursed via Mediocredito Italiano
- New and existing projects costing up to EUR 50 million with a maximum term of 12 years are eligible for financing
New credit lines in support of the real economy will be made available thanks to the renewed commitment of the European Investment Bank (EIB) and Intesa Sanpaolo to provide financing to Italian businesses.
Following the signature of the financing agreement by representatives of both institutions, the EIB will make available a credit line totalling EUR 300 million and Intesa Sanpaolo has pledged to provide an equal amount of funding to the beneficiary enterprises, so increasing the total amount made available in support of the Italian economy to EUR 600 million.
The funds made available jointly by the European Investment Bank and Intesa Sanpaolo will be earmarked exclusively for investments by midcaps – i.e. enterprises with a consolidated workforce of between 250 and 3 000 employees – via Mediocredito Italiano, the Intesa Sanpaolo Group's bank specialised in supporting the development of businesses.
In general, both new and existing projects that have not yet been completed, costing up to EUR 50 million with a maximum term of 12 years, will benefit from the loans, which are intended for businesses operating in all productive sectors – agriculture, crafts, industry, retail, tourism and services. Pure financial investment and/or real estate projects are not covered by the agreement.
“Supporting investment during the continuing economic crisis is vital to boosting the economy, including for midcaps. Our collaboration with the Intesa Group, as shown by the figures of the valuable work that we are doing together in Italy, demonstrates that the European Union's bank can be a close partner of the real economy, citizens and businesses”, said Miguel Morgado, EIB Director for operations in Italy, Malta and the Balkans.
“In our role as a bank supporting the real economy, we consider it a priority to provide the necessary funding for developing Italian midcaps, which are a key component of the productive fabric of our country”, stated Stefano Stangoni, Head of Financial Institutions at Intesa Sanpaolo. “For Intesa Sanpaolo our long-term collaboration with the European Investment Bank represents a concrete form of support to the real economy. Thanks to today's agreement we now have another facility that we can make available to businesses intending to invest and innovate in order to see their development projects come to fruition”, concluded Mr Stangoni.