Signature(s)
Summary sheet
- Credit lines - Credit lines
The project consists of a de-linked risk-sharing instrument to provide capital and concentration risk relief to the Cassa Depositi e Prestiti S.p.A. (CDP) to grant new loans to Italian local authorities and municipalities.
The proposed operation consists of a de-linked unfunded risk-sharing instrument with CDP to cover up to 50% of the credit risk associated with an existing CDP loan portfolio, composed of three loans vis-à-vis the Italian Regions of Lazio, Piemonte and Sicilia. The main objective of the proposed operation is to enable and incentivise CDP to grant new loans in favour of the public sector in Italy, allowing more Italian regions and local authorities to benefit from EIB support, through an experienced partner such as CDP. The proposed operation would be the first transaction of this type with CDP targeting the public sector in Italy and falls within the context of the enhanced cooperation with national promotional banks / institutions.
In accordance with the Bank's policy to ensure that sub-loans comply with the EU acquis, in particular in the fields of environment and public procurement, the Bank will require such intermediary institution to take all the requisite measures to ensure that the environment and procurement procedures carried out by the final recipients under the new portfolio will comply with the relevant EU environment and procurement legislation and the applicable national legislation, provided that it is in conformity with EU rules.
In accordance with the Bank's policy to ensure that sub-loans comply with the EU acquis, in particular in the fields of environment and public procurement, the Bank will require such intermediary institution to take all the requisite measures to ensure that the environment and procurement procedures carried out by the final recipients under the New Portfolio will comply with the relevant EU environment and procurement legislation and the applicable national legislation, provided that it is in conformity with EU rules.
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