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Signature(s)

Amount
€ 750,000,000
Sector(s)
Credit lines : € 750,000,000
Signature date(s)
11/05/2021 : € 750,000,000

Summary sheet

Release date
31 May 2021
Status
Reference
Signed | 11/05/2021
20200851
Project name
Promoter - financial intermediary
UC EGF ENHANCED SUPPORT TO MIDCAPS & CORPORATES
UNICREDIT SPA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 750 million
EUR 2450 million
Location
Sector(s)
Description
Objectives

Multi-country guarantee operation under the European Guarantee Fund (EGF) to support the financing of mid-caps and large corporates located in participating EGF Member States (primarily Italy, France and Spain) in sectors that are in line with the EIB's long-term mission (innovation, environment and indirect support for small and medium-sized enterprises (SMEs)) affected by the COVID-19 pandemic. In addition, UC will build a complementary SME portfolio matching the size of the EGF guarantee.

Operation under the European Guarantee Fund (EGF) to support small and medium-sized enterprises (SMEs), mid-caps and large corporates in sectors that are in line with the EIB's long-term mission (SME and mid-cap support, innovation, and environment) affected by the COVID-19 pandemic.

Additionality and Impact

Linked risk sharing instrument under the Pan-European Guarantee Fund (EGF) in Italy, providing support to entities in the contributing Member States affected by the COVID19 pandemic, to foster access to liquidity and economic recovery. The operation addresses the underlying market failure in access to finance faced by SMEs and Midcaps due to information asymmetries and higher screening costs for smaller investments, which has been exacerbated due to the impact of COVID19. Liquidity needs are urgent and have become a matter of survival for millions of entities throughout Europe, which had been viable until the COVID19 outbreak but are facing financial difficulties as a result of the current economic crisis. The need for policy support towards liquidity and credit/guarantee will persist far beyond the immediate semi-lockdown period, before entities can refocus their business and resume investment. Linked risk sharing operations undertaken by the EIB group and supported by the EGF are not only compatible with the measures of the ECB, EC and national regulators, they are also uniquely coupled to the provision of new eligible financing to target beneficiaries. 

Environmental aspects
Procurement

The EIB will require that UniCredit S.p.A. take all the required measures to ensure that final recipients (SMEs and mid-caps) meet the EIB's environmental standards and related EU/national legislation.

The EIB will require that UniCredit S.p.A. take all the required measures to ensure that final recipients (SMEs and mid-caps) meet the EIB's procurement standards and related EU/national legislation.

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

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Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
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Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

Zero tolerance against fraud and corruption

The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Investigations Division. All reports will be treated as strictly confidential and handled in line with EIB investigation procedures and the EIB Group Anti-Fraud Policy.

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