Activate bank loans for 10 billion euros in favor of small and medium-sized Italian enterprises. This is the objective of the new agreement signed by Cassa Depositi e Prestiti (Cdp) with the European Investment Fund (EIF, part of the EIB group) and Mediocredito Centrale (MCC), manager of the Guarantee Fund for SMEs. The initiative extends the agreement signed in September 2021 which had already activated resources for 5 billion euros.
The new agreement aims to enhance the operational capacity of the SME fund in support of the Italian productive fabric and represents one of the most significant operations, in terms of volumes guaranteed by the EIB group under the European Guarantee Fund, part of the 540 billion euros approved by the European Union to respond to the economic impact of the pandemic.
It is expected that overall, through the guarantee offered by the Mcc SME Fund, the agreements signed will support access to credit at advantageous conditions of approximately 90 small and medium-sized Italian enterprises exposed to the economic consequences of the pandemic crisis and the war in Ukraine, three times the 30 estimated for the agreement reached in September, thus also aiming to safeguard employment levels.
In detail, the operation is based on a portfolio of new guarantees originated from the SME fund up to a maximum amount of 12,5 billion, of which CDP will counter-guarantee 80% (therefore up to 10 billion euros).
CDP will in turn benefit from a counter-guarantee granted by the EIF, of which the European Investment Bank (EIB) is the main shareholder, drawing on EGF resources. Thanks to the leverage effect of the operating scheme, it is estimated that new loans to SMEs can be activated for a total of over 15 billion (the new 10 billion euros must be added to the five billion from the first operation).
“With this operation – he said Dario Scannapieco, CEO of CDP – the collaboration with the EIB group and with Mediocredito Centrale is strengthened with the aim of generating a positive impact on investments and employment levels in Italy. CDP plays a strategic role in allowing European resources to activate new finance for Italian companies and once again confirms its closeness to SMEs exposed to the pandemic crisis, to encourage their development plans and contribute to the restart of our country's entrepreneurial fabric " .
Bernardo Mattarella, managing director of Mcc, “this is an operation which, by strengthening the operational capacity of the Guarantee Fund, allows for greater support for Italian SMEs, above all in a still complex economic situation. The collaboration with CDP and the EIB Group confirms the institutional role of Mediocredito Centrale which, through the construction of strategic partnerships, pursues the objective of promoting the development of small and medium-sized enterprises and increasing the competitiveness of the country".
Jasmine Vigliotti, Vice President of the EIB, commented: “This operation represents the most significant intervention by the EIB group in terms of volumes guaranteed by the European Guarantee Fund, specifically created in 2020 to deal with the consequences of the pandemic crisis. Based on the agreement signed last September and thanks to the solid partnership between the EIB group, CDP and MCC, we will support the investment needs of over 90.000 Italian SMEs to promote inclusive and sustainable growth in Italy".
Finally, Alain Godard, CEO of EIF, added: "Thanks to their unrivaled distribution network in Italy, CDP and MCC are key partners in reaching the largest number of companies in the area".
