BRUSSELS: The EU said on Friday the European Investment Fund (EIF) has signed two new agreements to provide a further 400 million euros (456.3 million U.S. dollars) in finance to innovative SMEs (small and medium-sized enterprises) in Italy over the next two years.
The EU said in a statement the two agreements were signed with Banco Popolare, the fourth largest banking group in Italy, and Banca Popolare di Bari (BP Bari), an Italian banking group.
The EIF and Banco Popolare have signed an agreement which would benefit 1,500 innovative companies in Italy and will allow Banco Popolare to provide 300 million euros of bank loans to innovative companies over the next two years, said EIF’s chief executive Pier Luigi Gilibert in a statement.
The agreement with BP Bari will bring 100 million euros in fresh loans to innovative Italian SMEs.
“Today’s agreements mark yet more good news for SMEs in Italy. Thousands of growing, innovative businesses can now access fresh loans worth EUR 400 million in total. Once again I congratulate Italian banks for showing such initiative and collaborating with the EIF so effectively,” said Jyrki Katainen, European Commission Vice-President responsible for Jobs, Growth, Investment and Competitiveness.
The EIF is part of the European Investment Bank group. Its central mission is to support Europe’s SMEs by helping them to access finance.
