The new CDP and China Development Bank (CDB) €100 million fund - the first of its kind – aims to help Italian and Chinese companies
On the occasion the Italian government’s visit to Beijing, Cassa depositi e prestiti Chief Executive Officer Fabio Gallia and China Development Bank Chairman Hu Huaibang agreed to together create a new €100 million instrument that will invest in the capital of Italian and Chinese small and medium-sized companies.
In coming weeks, members of the Italian and Chinese financial institutions will work make memorandum of understanding operative.
The new fund is the first of its kind to support Italian business growth in China and Chinese enterprise expansion in Italy.
"The agreement with China Development Bank opens a new chapter in Italian-Chinese relations, laying the foundations for long-term strategic collaboration,” explained Gallia. “For the first time in Italy, in fact, we are working on the realization of an instrument of equal participation by important financial institutions of the two countries that will enable the Italian and Chinese SMEs to value high development prospects through direct investment in venture capital, thus providing a concrete support to the national production system and its growth abroad".
Italian Premier Paolo Gentiloni, Chinese leader Xi Jinping, and CDB President Zheng Zhijie also attended the signing ceremony.