EUR 23 million for Italian SMEs and Mid-Caps as EIF and Banco delle Tre Venezie sign loan agreement
EUR 23 million for Italian SMEs and Mid-Caps as
EIF and Banco delle Tre Veneziesign loan agreement
EIF Chief Executive, Pier Luigi Gilibert, commented: “We are delighted to sign this loan agreement with one of our new financial intermediaries,EUR 23 million will be provided to Italian companies, an amount which will help strengthen support for Italian businesses and which will create jobs and growth in the region.”
BTV Chief Executive Officer, Fabrizio Tofanelli said that: "We are highly satisfied with the terms of this Loan Agreement and we expect a positive effect for the Italian SMEs in the north east. Furthermore, we are proud of being the first Italian bank and among the first ones in Europe having signed this Agreement.”
The European Investment Fund (EIF) is part of the European Investment Bank group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.
About BANCO DELLE TRE VENEZIE
About the Cooperative Banks and Smaller Institutions mandate (CBSI)
The CBSI Instrument, is an EIB Group effort, providing senior loan financing to cooperative banks and other smaller financial institutions for the ultimate benefit of SMEs and small midcaps.
Following 5 years of a very successful implementation of the European Progress Microfinance Facility, where EIF has provided lending to small financial intermediaries reaching thousands of micro-enterprises that were supported in an earlier stage of their growth, the launch of the CBSI Instrument will contribute in a first phase to the sustainability and growth of approximately 3,000 companies across 8 or 9 different EU countries overall.
EIF: David Yormesor
Banco delle Tre Venezie: Vittorio Tommasini