REGIONE ABRUZZO - SUPPORT FOR SMES

Intermediated financing facility dedicated to supporting SMEs in Regione Abruzzo and restoring regional competitiveness following the severe physical and economic damage suffered by local SMEs following the earthquakes of April 2009.

Regione Abruzzo (more specifically the area of the regional capital, L’Aquila) was hit by a series of earthquakes causing serious, widespread damage to urban centres, public infrastructure, artistic heritage and industrial plants. Several sectors of the regional economy (notably tourism), also in areas not directly hit by the earthquakes, have been affected.

The proposed operation is a first response to participate in the financing of the longer-term recovery of the Region, intended as both physical reconstruction of public buildings and infrastructure destroyed or damaged by the natural disaster as well as support to economic activity of the largely predominant SME sector. It could be integrated in the short-term by other interventions targeting reconstruction, consolidation and development of regional infrastructure, as well as facilities defined under the Jeremie and Jessica initiatives.

In accordance with the Bank's policy, the intermediary bank(s) shall stipulate with beneficiary SMEs that sub-projects undertaken by the latter with the proceeds of EIB funds should comply with the relevant applicable EU and national legislation.

Beneficiary SMEs will be requested to comply with the relevant, applicable national and EU legislation, as appropriate.