Three new agreements were signed in recent days in Milan between the European Investment Bank (EIB) and the UniCredit Group for 700 million euro of medium-long term loans intended to provide new resources to the Italian productive fabric. There are three areas of intervention: in addition to loans intended for small and medium-sized enterprises, part of the credit lines (200 million euros) is aimed at companies that create new youth employment, while a final tranche is for projects aimed at addressing and prevent damage from natural disasters.
The funding for youth employment is part of the Jobs for Youth programme, activated by the EIB after the Brussels European Council in June 2013. The 200 million credit line opened to UniCredit is intended for SMEs, mid-caps and innovative start-ups in order to promote new employment for young people aged between 15 and 29 years. With this operation, the total EIB resources dedicated to Italy with Jobs for Youth rises to 440 million.
“The consolidated collaboration we have with UniCredit is strengthened with these operations, all aimed at bringing new resources to the Italian productive fabric in a phase in which the first signs of recovery are starting to appear. I underline the importance of loans for companies that hire or train young people and for start-ups: only with investments can we fight the social emergency of youth unemployment”, commented Dario Scannapieco, Vice President of the EIB.
“The new agreements signed with the EIB confirm our bank's commitment to the Italian entrepreneurial system and allow us to further strengthen aid to businesses with medium-long term interventions to hook up the recovery. With particular attention to a theme that is very close to our hearts, such as youth employment. The transaction with the EIB is part of a broader plan of the Group to support businesses, which in the corporate segment alone envisages over 6 billion in loans during 2014” recalled Federico Ghizzoni, CEO of UniCredit.
Read the whole communique.
