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    € 393,900,000
    Italy : € 393,900,000
    Credit lines : € 393,900,000
    Signature date(s)
    12/11/2021 : € 180,000,000
    12/11/2021 : € 213,900,000
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    Summary sheet

    Release date
    24 March 2022
    Signed | 12/11/2021
    Project name
    Promoter - financial intermediary
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 394 million
    not applicable

    Dedicated EIB loan for financing small and medium-sized enterprises (SMEs) and mid-caps in the industry, services, tourism and agriculture sectors via long-term leasing schemes. This operation will also contribute to support the recovery in the aftermath of the COVID-19 crisis, as a large portion of the new SME portfolio (estimated around 60%) will originate in severely affected regions: Lombardy, Veneto and Emilia Romagna.

    The proposed financing operation aims to support and increase SME access to finance in the aftermath of the COVID-19 crisis. The quick mobilisation of SME financing is strategic considering their high contribution to the country's economic growth and to sustain employment.

    Additionality and Impact

    The operation, in the form of a true sale securitisation, will provide funding and capital optimisation to the promoter Alba Leasing (Alba) with the aim to generate additional lending to Italian SMEs and MidCaps. The ad-hoc capital optimization provided would increase the Promoter's credit capacity and allow for the origination of new leasing contracts to Final Beneficiaries with favorable conditions thanks to the Transfer of Financial Advantage (ToFA). The intermediary Alba Leasing has long track record of implementing EIB products and allocating EIB loans as per previous operations. The proposed operation addresses the market failure related to SMEs and Mid-caps' access to finance in the context of the COVID-19 pandemic. The operation is expected to mitigate the financial constraints for this market segment and help viable companies to survive the economic crisis triggered by the COVID-19 pandemic.

    This operation will respond to the suboptimal investment situation in the securitisation market. The securitisation market has significantly contracted in the context of the COVID-19 crisis. The demand of private investors, especially for the riskier tranches has dried out, hence putting further constraints on the capital of financial institutions in this challenging environment. Unlocking and reactivating this market through EIB Group participation is critical to allow financial institutions to continue lending to SMEs and Mid-caps. Through this transaction, the EIB will consolidate the securitisation market in Italy also to Non Banking Financial Institutions (NBFIs).

    Environmental aspects

    Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

    Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

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    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).

    General enquiries and comments

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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.
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    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 Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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