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Italy : CEB and Cassa depositi e prestiti sign 350 million loan agreement to support Italys earthquake-stricken areas.

The Vice-Governor for Financial Strategy of the Council of Europe Development Bank (CEB), Mr Carlo Monticelli, and the Chief Executive Officer of Cassa depositi e prestiti (CDP), Mr Fabio Gallia, signed today a 350 million loan agreement to support reconstruction projects in central Italy areas struck by devastating earthquakes in 2016 and 2017.

The powerful earthquakes that hit the Central Italian regions of Abruzzo, Lazio, Marche and Umbria between August 2016 and January 2017 killed 299 persons, left another 40 thousand persons homeless and caused considerable damage to over 60 thousand dwellings in an area spanning 80 thousand km2. The funds provided by the CEB will contribute to ongoing reconstruction efforts. They will be channelled through financial intermediaries under CDPs Plafond Sisma Centro Italia APEX facility to individuals and companies that suffered damage, in order to finance repair, restoration and reconstruction work. The agreement was signed in the presence of Italys Minister of Economy and Finance, Mr Pier Carlo Padoan, and the Extraordinary Commissioner for Reconstruction, Ms Paola De Micheli, at the Ministry of Economy and Finance in Rome.

This loan reaffirms the CEBs firm commitment to supporting vulnerable people in need, said CEB Vice-Governor Monticelli. Providing aid to the victims of natural disasters and responding in an effective way to emergency situations is at the heart of the CEBs social mandate and in line with the Banks activity as an instrument of European solidarity. Working with CDP, a valuable CEB partner in Italy, will ensure that the funds provided by the Bank will reach thousands of earthquake victims in remote areas of central Italy, helping those affected to return to normality as soon as possible. We, at the CEB, look forward to continuing our excellent cooperation with CDP and the Italian Ministry of Economy and Finance in the future.

Cassa depositi e prestiti Chief Executive Officer Gallia stressed: With the agreement signed today, CDP strengthens its commitment to helping families and businesses from Central Italy hurt by the earthquakes. Weve allocated around 5 billion for the reconstruction of damaged buildings and guarantee more financial flexibility for the companies, allowing for the delay of tax payments. The agreement, developed in close collaboration with the Italian Ministry of Economy and Finance, reinforces the efficiency of these initiatives, by taking advantage of sharing national and European resources. An initiative in the context of growing collaboration with CEB in the development of CDPs support of social economy.

With this agreement, the CEB and CDP are strengthening their cooperation aimed at supporting social development projects in Italy. In 2016, the Bank approved a 150 million loan in support of CDPs APEX facility Plafond Beni Strumentali for MSME productive asset financing. Cassa depositi e prestiti (CDP) is the National Promotional Institution that has supported the Italian economy since 1850. It finances public investments, nurtures international cooperation and is the catalyst for the countrys infrastructure growth. It backs Italian enterprises, helping them innovate and grow, while fostering their exports and international expansion. As the primary operator in social and affordable housing, CDP contributes to the growth of the Italian real estate sector and promotes urban transformation. CDPs important stimulative role in Italys economy is evident in its 2016-2020 Business Plan.

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Publication:Mena Report
Date:Jan 13, 2018
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