CDP CEO Gallia, Vice President of the European Commission Jyrki Katainen, and Finance Minister Pier Carlo Padoan announce the signing of the new investment platform fund for SMEs
"The Italian SMEs have every reason to be proud of the result achieved by CDP in collaboration with European Institutions", said the Vice President of the European Commission Jyrki Katainen at the launch of the new fund launched by CDP, European Investment Fund (EIF), and the Italian Ministry of Economy. The agreement provides for the establishment of European Fund for Strategic Investments thematic fund for Italian SMEs, which will pool national and European Union resources to promote access to credit and the creation of new investments by small and medium-sized enterprises.
The European Fund for Strategic Investments (EFSI) is the most important guarantee agreement signed in Europe under the Juncker Plan and lays the foundation for the implementation of a number of risk sharing initiatives, through which CDP will issue counter-guarantees in favor of financial institutions within Italian SME financing projects. With a budget of €225 million euros made available by CDP, Eif, Mef, the initiative aims to trigger a multiplier effect can attract over 6 billion euros of investments by businesses.
The signing ceremony was attended by the Vice President of the European Commission Jyrki Katainen, Minister of Economy Pier Carlo Padoan, CEO of CDP Fabio Gallia, and Vice-President of the European Investment Bank (EIB) Dario Scannapieco.
"This agreement fits into the practice of the collaboration between CDP and Eif under the Juncker plan,” said CDP’s Gallia. “With this operation we will be able to expand the firepower of our institutions to help spur investment growth in Italy, supporting small and medium businesses, the real engine of the Italian economy".
"Italy is in first place for the number of investment projects to be implemented with the Junker plan,” said the Katainen of the European Commission. “This agreement is something completely new that should be used as an example in Europe."