CDP for the community: new funds for social enterprises

CDP has signed a new agreement with the Ministry of Economic Development and the Italian Banking Association (ABI) to promote the spread and strengthening of social enterprise. The new “FRI – Impresa Sociale” measure has access to a total of 200 million euro from CDP’s revolving fund to support businesses and investment in research, and aims to finance social enterprises, social cooperatives, consortia and cooperative societies with non-profit status for socially useful projects nationwide. The resources of “FRI - Impresa Sociale” will be added to the 23 million euro made available by the Ministry for Economic Development through the Sustainable Growth Fund, to make a total of 223 million euro for the social economy. This will trigger estimated total investments of around 360 million euro, with eligible expenditure of between 200,000 and 10 million euro. The social economy represents all non-profit activities with clear social benefit. This sector employs 540,000 workers in Italy, with 45,000 volunteers and an annual output of 10 billion euro, from which 5 million people benefit.

Eligible projects will be selected, not merely on the basis of their economic sustainability, but also for their social and environmental impact, considering in particular estimates of increased employment of disadvantaged groups, the social inclusion of vulnerable groups the achievement of the specific objectives of environmental protection and improvement of the local area, and of artistic and cultural heritage.