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    Référence: 20210730
    Date de publication: 4 novembre 2022

    Promoteur – Intermédiaire Financier




    The operation consists of an European Guarantee Fund (EGF) guarantee instrument to a junior tranche of a Unicredit (UC) granular portfolio of loans to small and medium-sized enterprises (SMEs) in Italy.

    Additionality and Impact

    The proposed transaction consist of an EGF operation, in the form of a first loss piece guarantee on an SME and Midcap portfolio originated by Unicredit in order to support new lending to SMEs. Unicredit is a key counterpart to the Bank in many countries, a strong EU GSIB intermediary and a very experienced promoter in deploying EIB mandates. The quick mobilisation of SME financing is strategic considering their high contribution to the country's economic growth and to sustain employment. The proposed operation addresses a market failure related to SMEs access to finance in the aftermath of the Covid-19 pandemic. The operation is expected to mitigate the financial constraints for this market segment and help viable companies to sustain their economic recovery and to relaunch their business activity severely hit by the pandemic crisis. The operation also supports the strengthening of the EU's economic, social and territorial cohesion by tackling the disparities in the regional development and by helping companies located in less developed regions to grow there. Eventually, this will support the ultimate goal of regional policies, namely convergence, by raising employment levels and facilitating re-industrialisation.


    The operation aims at enhancing access to finance for the specific market segment. In detail, the transaction is an unfunded Asset Backed Securities investment, a delinked product aiming at relieving capital on existing loan portfolio, which will be redeployed into new financing.


    Montant BEI envisagé (montant approximatif)

    EUR 128 million

    Coût total (montant approximatif)

    EUR 1260 million

    Aspects environnementaux

    The EIB will require that UC take all the required measures to ensure that final recipients (SMEs) meet the EIB's environmental standards and related EU/national legislation.

    Passation des marchés

    The EIB will require that UC take all the required measures to ensure that final recipients (SMEs) meet the EIB's procurement standards and related EU/national legislation.


    Signé - 9/06/2022

    Clause de non-responsabilité

    Avant d’être approuvés par le Conseil d’administration et avant la signature des prêts correspondants, les projets font l’objet d’une instruction et de négociations. Par conséquent, les informations et données fournies sur cette page sont indicatives.
    Elles sont fournies à des fins de transparence uniquement et ne peuvent être considérées comme représentant la politique officielle de la BEI (voir également les notes explicatives).

    Mots-clés correspondants

    Italie Lignes de crédit