CDP Becomes New Italian Development Finance Institution (DFI)

Press release

CDP Becomes New Italian Development Finance Institution (DFI)

Addis Ababa (Ethiopia), 14 July 2015

Cassa depositi e prestiti (CDP) is the New Italian Development Finance Institution (DFI), a new important protagonist for Italian development cooperation.

The announcement was given in the presence of Italian Prime Minister Matteo Renzi, in Addis Ababa (Ethiopia), during the United Nation’s Third International Conference on Financing for Development.

 “CDP, in its new role of ‘DFI’,  will play a more important part in supporting the Italian international cooperation, acting as a link between the priorities of development and the promotion of an increasingly active role of European and Italian companies in emerging and developing markets”, underlined CDP General Manager Andrea Novelli in an event jointly organized for the announcement  by CDP, the Italian Ministry of Foreign Affairs and International Cooperation (MAECI), and the Ministry of Economy and Finance (MEF).

Carlo Monticelli, Director of International Financial Relations department at MEF, underlined the strategic relevance of the CDP’s new role, in particular,  in collaboration with the multi-lateral institutions controlled by MEF, co-financing projects of Italian interest and supporting joint initiatives".

The General  Director for Development Cooperation at MAECI Giampaolo Cantini, presenting the new initiative, in line with the new cooperation law, underlined “the need to evaluate the blending finance between public and private resources, also mobilizing EU institution’s funds".

In particular, CDP - in accordance with the United Nation’s eligibility criteria and guidelines -  will operate by way of two different activities: i) managing, together with other Italian cooperation institutions, public funds for international development with the objective of providing financing with conditions that help the public and private sectors of partner countries, and  ii) direct financing for development projects,  to help local businesses, and the creation of mixed businesses, by making available public and private financing, risk sharing and capital risk instruments.

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