The CEB and Istituto per il Credito Sportivo sign a € 150 million loan agreement to support sports facilities
23 November 2018
Rome – Today, in the presence of Sottosegretario On. Giancarlo Giorgetti, at the Presidenza del Consiglio dei Ministri, the Vice-Governor for Financial Strategy of the Council of Europe Development Bank (CEB), Mr Carlo Monticelli, and the President of Istituto per il Credito Sportivo (ICS), Mr Andrea Abodi, signed a € 150 million loan agreement to support sports facilities financing in Italy.
The funds provided by the CEB will be directly allocated to the financing of projects put forward by Local Authorities which fall within the scope of “Sport – A Common Mission” and “Municipalities on the Track” campaigns; these will support construction, purchase of equipment, completion of ongoing investments, energy efficiency savings, restructuring and adjustments of public sport facilities in compliance with relevant regulations, as well as investments in cycle paths, velodromes, and associated structures.
This is the first financing agreement concluded by the CEB and ICS to support social development projects. This partnership helps to improve the public’s awareness of the social role of sports and sporting practices as instruments of education, vehicles for inclusion and integration, which contribute to and maintain people’s psychological and physical wellbeing.
CEB Vice-Governor Carlo Monticelli said: “We are pleased to sign this first loan agreement with ICS and thus contribute to the Institute’s mission in support of local authorities throughout Italy. At a time when municipalities, and in particular the small and very small ones, are increasingly slowing down investments, ICS’s subsidised loan programmes select project proposals throughout the national territory with a high social impact and strong local dimension. We look forward to seeing such investments put into practice for the benefit of a wide array of end-users in municipalities across the country.” “The financing agreement signed today with the CEB is of enormous significance for the Istituto per il Credito Sportivo and for the entire country - declared the President Andrea Abodi - considering the stringent requirements and selective standards used by an important international player such as the Council of Europe Development Bank. This operation confirms the Institute's ability to deal with complex and sophisticated tools, which allow us to diversify sources of funding and to obtain resources that can be used to ensure particularly favourable conditions and sustainable costs for the development and social growth of sports and cultural infrastructure.”
Set up in 1956, the CEB (Council of Europe Development Bank) has 41 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody's, outlook stable, AA+ with Standard & Poor's, outlook positive and AA+ with Fitch Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.
ICS: Set up in 1957, ICS is a public bank specialised in financing sport facilities and cultural assets. Currently, it is the reference institution for all public and private bodies that intend to invest and the most important and experienced Italian operator in the sector, having completed, in sixty years, 75% of the country’s sport facilities: useful projects to encourage the practice of sports and processes of socialisation and integration.