Financing for investments in emerging markets | CDP

Development + (FRCS)

The new Italian Cooperation tool dedicated to companies investing in emerging markets

In collaboration with the Ministry of Foreign Affairs and International Cooperation (MAECI) and the Italian Agency for Development Cooperation (AICS), we assist in your investments into the venture capital of companies located in OECD-DAC Partner Countries, promoting sustainable development.


Who it is aimed at

Companies or partnerships that are based in the European Union or OECD-DAC Partner Countries, and have at least one office, including a branch, in Italy, with demonstrated experience in the sector.

How it works

We offer your company medium to long-term financing to facilitate investment in the venture capital of companies located in OECD-DAC Partner Countries. This is made possible through the resources of the Revolving Fund for Development Cooperation, with a maximum limit of up to €70 million.
The investment should encourage sustainable and inclusive development within its operational area by promoting job creation, in accordance with international labour conventions.

Product features:

  • The value of each qualifying investment must range between €250,000 and €10 million; the financing may not surpass 70% of the capital contributed by the applicant company. 
  • The loan will last between 3 and 15 years from the date of disbursement, with a grace period for the principal of not less than 1 year and not more than 5 years.
  • The interest rate is fixed for the entire duration of the loan and is set by a special decree of the Ministry of Business and Made in Italy, in force on the date the contract is signed. 
  • The loan may be partly or fully backed by a bank guarantee, depending on the credit rating of the applicant company. 
  • The loan may also be granted for capital subscription transactions that were completed in the 12 months preceding the date on which the loan agreement was signed. 
  • Half of the funds are reserved for investments by SMEs and/or companies whose activities are mainly located in priority countries for Italian Cooperation.


 Updated situation of available funds

Update 30/04/2024
Reserved amount Non-reserved amount
Initial period Remaining period Initial period Remaining period
35,000,000 € 35,000,000 € 35,000,000 €     35,000,000 €


How to apply

The application for financing can be submitted as described in the document Operational Guidelines.

The documents at the following link, referred to in the "Operational Guidelines" document, contain the application forms and annexed declarations to be issued by the applicant company, as well as the templates of the contractual documentation and other documents needed for the application for and granting of loans (Forms attached to the latest version of the Guidelines)


Law No. 125/2014 recognises CDP as the managing entity of the Revolving Fund for Development Cooperation (FRCS) established at the Ministry for the Economy and Finance ("MEF") for the granting of loans to private entities in the context of interventions aimed at European enterprises or enterprises established in OECD-DAC Partner Countries. The goal is to promote the involvement of the private sector in sustainable development initiatives of international cooperation through support for investments in the risk capital of the target enterprises (Art. 27, paragraph 3, letter a).

The AICS is committed to supporting the activities of the FRCS by providing technical and operational support for the management of financed initiatives.

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