CEB supports small business in Italy with a €150 million loan to Cassa depositi e prestiti
4 November 2016
PARIS/ROME (4 November) - The Council of Europe Development Bank (CEB) andCassa depositi e prestiti SpA signed a framework loan agreement for € 150 million to facilitate access to financing for Italian micro, small and medium-sized enterprises (MSMEs).
The document was signed by Carlo Monticelli, the CEB’s Vice-Governor.
The aim of the € 150 million programme loan is to enhance the competitiveness of Italian MSMEs and to promote sustainable economic growth by supporting the objectives of “Plafond Beni Strumentali” apex facility. It is expected that unlocking access to financing for MSMEs and supporting entrepreneurial activity in the country will make a contribution to job creation and preservation.
The funds provided by the CEB will be used by MSMEs for productive investment projects, including the acquisition of office and production premises, installations, vehicles, machinery and other equipment, for a total of up to € 2 million for each eligible business investment.
Commenting on the signing, Vice-Governor Monticelli said: “The Programme is geared towards facilitating MSMEs’ access to finance in order to enable them to finalise productive investments and create and maintain jobs, which is central to CEB’s mission. The loan agreement we signed will allow us to contribute to the MSME sector’s pivotal role in employment creation and economic growth, as recognised and jointly supported by the Italian Ministry of Economic Development and Cassa depositi e prestiti.
I trust that this financing marks the beginning of a deeper engagement process that will strengthen cooperation on investment themes common to our institutional mandates.”
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 stable 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.