Refinancing Loan (PRIF) - Regions | CDP

Refinancing Loan (PRIF)

We back regions and local authorities by granting loans so that they can convert the loans they have carried out with other banking and financial intermediaries or other authorized parties at better rates. 

Who is it for

Regions and Autonomous Provinces (CDP Circular No 1298/2019) 


How this works

By means of the Refinancing Loan (PRIF) we give local authorities the chance to convert (from the day the circular is published up to the 31st December 2023) the loans they have taken out (since 31st December 1996) with banking and financial intermediaries other than CDP, i.e. with other authorized parties . 

The initial loans must have been taken out in accordance with the legislation regarding indebtedness that was applicable at the time and that can be used for:

  • financing the expenses for investments that are listed under article 3, sections 18 and 19, of law No 350 - 24th December 2003
  • financing the expenses other than investments, even based on specific primary laws according to which the payment and purpose has been authorised (including, for example, article 2, sections from 46 to 48, of law No 244 - 24th December 2007, article 2, section 98, of law No 191 - 23rd December 2009 and article 45, section 1 and section 12, of Decree Law No 66 - 24th April 2014), or 
  • for converting (under Art. 41) earlier loans that were intended to finance Investments and/or eligible expenditures.

The amount of each new loan must be equal to the initial loan's outstanding debt, or to part of it, and anyhow it must be no less than five million Euros. Therefore the new loan is entirely to be used for paying the outstanding amount to the intermediary that holds the initial loan. Therefore using it for paying any further expenses born by the Authority and due to converting the initial loan is excluded.

Each PRIF can be used to convert one single initial loan.
 


How to apply

Sending the loan application to CDP via PEC (certified electronic mail), to the address cdpspa@pec.cdp.it. The documents that are given in detail in the specific section of the Portale Enti Locali e PA (Portal for Local Authorities and Public Administration) that concerns the PRIF must be included.

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