Impact Focus: CDP in support of the Central Guarantee Fund | CDP

Impact Focus: CDP in support of the Central Guarantee Fund

Since 2017, Cassa Depositi e Prestiti has implemented the counter-guarantee mechanism in support of the Central Guarantee Fund (FCG), strengthening the instrument's ability to facilitate small business access to credit on favourable terms and contributing to significant benefits for the real economy. 

Read the report’s key messages and download the document for further information.

  • CDP signed an overall commitment for €16 billion of counter-guarantees to support the FCG between 2017 and 2022;
  • CDP's counter-guarantees reduced the FCG's provisions, creating the potential for €28 billion to be injected into the economy;
  • a large part of this potential has been transformed into actual loans: €21 billion counter-guaranteed by CDP, which financed 138 thousand SMEs;
  • many of these loans would not have been granted without the FCG guarantee, with a CDP counter-guarantee: €12 billion of the €21 billion granted were additional funds;
  • the instrument particularly benefited SMEs that did not have access to credit, helping them to weather the pandemic crisis: in fact, around 40% of the companies financed had no previous relationship with the banking channel;
  • this support was particularly incisive in the South: loans counter-guaranteed by CDP represent 5.2% of the stock of total loans to enterprises in the southern regions, compared with a national average of around 3%;
  • the additional financing generated an impact on added value equal to 1% of Italian GDP.


Read the report (Available in Italian)