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    Reference: 20200851
    Release date: 31 May 2021

    Promoter – Financial Intermediary

    UNICREDIT SPA

    Location

    Description

    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.

    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. 

    Objectives

    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.

    Sector(s)

    Proposed EIB finance (Approximate amount)

    EUR 750 million

    Total cost (Approximate amount)

    EUR 2450 million

    Environmental aspects

    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.

    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 procurement standards and related EU/national legislation.

    Status

    Signed - 11/05/2021

    Disclaimer

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

    Related tags

    Italy EU Countries Credit lines