InvestEU in Italy: European Commission and Cassa Depositi e Prestiti sign €6.7 million Advisory Agreement to support infrastructure projects
Today, the European Commission and the Italian national promotional institution Cassa Depositi e Prestiti (CDP) signed a €6.7 million agreement to provide advisory support to infrastructure and social investment projects. This is the first such agreement signed with a national promotional bank or institution under the Commission’s new InvestEU programme, with more agreements to follow.
Under the agreement, CDP in its role as advisory partner under the InvestEU Advisory Hub will provide project advisory, market development and capacity building support to project promoters and financial intermediaries in Italy. The total support for the provision of advisory services under this agreement will amount to €6.7 million, of which €5 million comes from the EU budget and €1.7 million is CDP’s own contribution.
The advisory support to be provided by CDP will contribute to the development of improved quality investment projects, including under the InvestEU “Sustainable Infrastructure Window” and “Social Investment and Skills Window”. This will help to improve access to finance and investments in infrastructure development, attract private resources and strengthen the capacity of public and private project promoters to develop financing and investment operations in the areas of social and public infrastructure, sustainable energy, transport as well as digital and innovative infrastructure.
Commissioner for the Economy, Paolo Gentiloni, said: “Signing this agreement today with Cassa Depositi e Prestiti, the first national promotional bank to become an advisory partner under InvestEU, is an important milestone in the rollout of the programme across the EU. With Cassa Depositi e Prestiti as a local partner, we will provide targeted advisory services to help plan and implement important investments in public and social infrastructure and sustainable development. I am looking forward to seeing many more such agreements with local advisory partners across the EU.”
CEO and General Manager of CDP, Dario Scannapieco, said: “With InvestEU, in the next few years Europe will resume the path started with the pioneering Investment Plan for Europe, which for the first time seven years ago had placed the accent on investments and growth. The agreement signed today represents a new stage and a relaunch of the dialogue between CDP and the European institutions in order to facilitate synergies. We are proud to join the European Commission in order to help stimulate a robust and lasting growth of our economic, social and environmental system”, commented the CEO and General Manager of CDP.”
Background
The InvestEU programme provides the EU 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 the EU’s policy priorities, such as the European Green Deal and the digital transition.
The InvestEU Programme brings together under one roof the multitude of EU financial instruments and EU funded advisory support facilities currently available to support investment in the EU, 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 Advisory Hub, managed by the European Commission and implemented by financial partners, will provide an efficient point of access for advisory and technical support. Working across all InvestEU policy windows, the Advisory Hub will, amongst other things, support public and private sector promoters in the identification, preparation and implementation of InvestEU-guaranteed investment projects and investment platforms across the EU.
Cassa Depositi e Prestiti (CDP) is a National Promotional Institution that has been supporting the Italian economy since 1850. Through its actions, it is engaged in accelerating the industrial and infrastructural development of the country, so as to sustain its economic and community growth. CDP focuses its activities on regional sustainable development and also supports innovation and growth, including international growth, of Italian companies. It is a partner of Local Authorities, with loans and advisory services, for the creation of infrastructures and for the improvement of services of public utility. In addition, it is active in the field of International Cooperation to fund projects in developing countries and emerging markets. CDP is funded totally by private resources, through the issue of postal bonds and passbook accounts and through issues onto the national and international market.
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