Northern Italy’s SMEs to Benefit from Banca Cassa di Risparmio di Savigliano and EIF’s Green Transition Partnership

Northern Italy’s SMEs to Benefit from Banca Cassa di Risparmio di Savigliano and EIF’s Green Transition Partnership

(IN BRIEF) Banca Cassa di Risparmio di Savigliano and the European Investment Fund (EIF) have partnered to support the green transition of small and medium-sized enterprises (SMEs) in Northern Italy. The EIF has provided a €32.9 million capped guarantee to facilitate investment and liquidity for Italian SMEs, with a focus on sustainability. Over 80% of the resources will be allocated to green and sustainable projects. This collaboration is backed by InvestEU, the European Union’s program aimed at mobilizing investments for EU policy priorities. The support will benefit over 65 SMEs in the Piedmont region, generating an estimated €66 million in investments for the real economy.

(PRESS RELEASE) LUXEMBOURG, 9-Jun-2023 — /EuropaWire/ —  The European Investment Fund (EIF), part of the European Investment Bank Group and established to support Europe’s micro, small and medium-sized enterprises (SMEs), and Banca Cassa di Risparmio di Savigliano S.p.A. have joined forces to promote the green transition of small and medium-sized enterprises (SMEs) in Northern Italy. The EIF has provided a capped guarantee of €32.9 million to support the investment and liquidity requirements of Italian SMEs and small mid-cap companies, with a strong emphasis on sustainability. Over 80% of the allocated resources from the EIF will be dedicated to funding green and sustainable projects. These transactions are supported by InvestEU, the European Union’s initiative aimed at mobilizing a minimum of €372 billion in investments for EU policy priorities by 2027.

The EIF guarantees, backed by InvestEU, will enhance access to finance for over 65 SMEs operating primarily in the Piedmont region of Italy. This financial support is expected to catalyze approximately €66 million in investments in the real economy, driving the green transition and fostering sustainable growth in the region.

“This operation reflects the EIF’s core priority of providing access to finance for SMEs and supporting them in their green transition,” said EIF Chair Gelsomina Vigliotti.

European Commissioner for the Economy, Paolo Gentiloni, added, “InvestEU plays a vital role by facilitating financing access for SMEs, enabling them to innovate, expand and create jobs. With this agreement, we are delighted to support businesses as they unlock their full potential in this regard and contribute to Italy’s green transition.”

Francesco Osella, President of Banca CRS, declared “The agreement signed with the EIF under the InvestEU programme is a great opportunity for Banca CRS to offer support to its customers and to SMEs. We are very grateful to the EIF for its availability.”

Background information

The European Investment Fund is a financial institution, and part of the European Investment Bank Group. Its main mission is to support European SMEs by facilitating their access to finance and venture capital. It is also active in supporting climate and infrastructure fund investments, with a strong focus on environmental sustainability. In this role, the EIF pursues the objectives of the European Union to support innovation, research and development, entrepreneurship, growth and employment.

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee backs the investment projects of the implementing partners, increasing their risk-bearing capacity to mobilise at least €372 billion in additional investment.

Banca Cassa di Risparmio di Savigliano S.p.A. (Banca CRS) is a territorial bank, founded in 1858, headquartered in Savigliano (CN). The Bank counts 24 branches, and it operates in the provinces of Cuneo and Turin. The main goal of Banca CRS is to be active in the project of supporting families, individuals and small and medium-sized businesses in its area of responsibility, with the purpose of contributing to the growth and well-being of the local communities.

Press contacts

European Investment Fund
Lorenzo Squintani | l.squintani@eib.org | Tel.: +39 366 57 90 312

Website: www.eib.org/press | Press Office: +352 4379 21000 | press@eib.org

European Commission
Flora Matthaes | flora.matthaes@ec.europa.eu | Tel.: +32 229 83951

Banca CRS: Regis Emanuele

Tel. +39 0172 2031

E-mail: . segreteria.bancacrs@legalmail.it

SOURCE: European Investment Fund