ITALY EGF SMES AND MIDCAPS BASKET BOND

Promoteur – Intermédiaire Financier

CASSA DEPOSITI E PRESTITI

Lieu

• Italie

Description

Operation under the European Guarantee Fund (EGF) to support small and medium-sized enterprises (SMEs) and mid-caps in Italy through the provision of a capped guarantee for portfolios of mini-bonds.

Additionality and Impact

The proposed operation is a full delegation unfunded capped guarantee with the Italian National Promotional Bank, Cassa Depositi e Prestiti S.p.A. ("CDP"), as Financial Intermediary and guarantee taker.

The guarantee instrument under EGF aims at improving access to finance by SMEs and MidCaps; the proposed operation while enhancing CDP's lending capacity will facilitate access to finance by the final recipients at typically beneficial terms in the form of reduced interest rates, longer maturities and/or lower collateral requirements.

Liquidity needs are urgent and have become a matter of survival for millions of entities throughout Europe, that 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 sanitary emergency, 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.

Objectifs

Operation under the European Guarantee Fund (EGF) to support small and medium-sized enterprises (SMEs) and mid-caps in sectors that are in line with the EIB's long-term mission (SME and mid-cap support) affected by the COVID-19 pandemic.

Secteur(s)

• Lignes de crédit - Lignes de crédit

Montant BEI envisagé (montant approximatif)

EUR 200 million

Coût total (montant approximatif)

EUR 800 million

Aspects environnementaux

The EIB will require that Cassa Depositi e Prestiti 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.

Passation des marchés

The EIB will require that Cassa Depositi e Prestiti 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.

Statut

Signé - 20/12/2021