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    Reference: 20200848
    Release date: 18 June 2021

    Promoter – Financial Intermediary




    Reverse factoring operation under the European Guarantee Fund (EGF) of trade payables of Italian corporates and mid-caps, improving access to finance of their mainly small and medium-sized enterprise (SME) suppliers, but possibly also mid-caps and large corporates.

    Additionality and Impact

    Access to finance has become a critical issue as a result of the COVID19 crisis, due to both a rapid increased demand and rising constraints on the side of the intermediary banks. These constraints are idiosyncratic and only partly addressed, e.g. through exceptional measures introduced by the ECB which is providing unprecedented amounts of liquidity support in the Euro area countries
    Supply chain finance allows companies, especially SMEs and Midcaps, to unlock funds. Due to the pandemic, SMEs face increasing pressure to meet short-term financing needs and supply chain finance represents a competitive and suitable financing solution. It is initiated by the buyers that receive goods or services in order to help their suppliers to secure the financing of receivables at favourable terms.
    The proposed operation is a linked risk sharing instrument under the Pan-European Guarantee Fund (EGF) between the EIB and ISP aimed at improving access to finance of mainly SME suppliers (estimated to represent up to 80% of the portfolio), but possibly also Midcaps (c. 20% of the portfolio) and to only a limited extent Large Corporates (the suppliers) of eligible non-SME buyers (the buyers) located in Italy through a reverse factoring platform, to foster access to liquidity and economic recovery.
    Through this instrument, suppliers receive prompt payment for their goods and/or services and are able to maintain a healthy financial position while the buyer benefits from a consistent high level service/provision of goods and ensures the survival of relevant, even if typically small, business partners.


    The operation will allow an increase in the reverse factoring volumes available for suppliers to identified mid-cap and large corporate buyers enabling access to finance at favourable financing conditions for SME and mid-cap final beneficiaries.


    Proposed EIB finance (Approximate amount)

    EUR 750 million

    Total cost (Approximate amount)

    EUR 16800 million

    Environmental aspects

    The EIB will require that Intesa Sanpaolo 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 Intesa Sanpaolo 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.


    Signed - 17/06/2021


    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).

    Related tags

    Italy Credit lines