The European Investment Fund (EIF) and Confidi Systema have signed an agreement under the European Commission’s InnovFin initiative, backed by the EU's research and innovation programme Horizon 2020, to provide EUR 26 million in financing to innovative Italian small and medium-sized enterprises (SMEs) and small mid-caps over the next two years. This transaction also benefits from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.
European Commission Vice-President, Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: “Italy continues to perform exceptionally well under the Investment Plan. Thousands of Italian SMEs are already reaping the benefits of the EFSI. I am delighted that a further 200 companies will gain access to the finance they need to innovate, expand and create jobs.” EIF is providing a counterguarantee that will enable Confidi Systema! to increase its guarantee volumes and, as a result, assist SMEs in accessing credit. The transaction is expected to generate a portfolio of up to EUR 26 million of bank loans that will benefit over 200 companies located mainly in northwestern Italy. EIF Chief Executive, Pier Luigi Gilibert, commented: “I am very pleased to see EIF and Confidi Systema! concluding this cooperation under the EFSI umbrella, a transaction which will generate benefits for Italian businesses. As one of Italy’s major credit guarantee companies, Confidi Systema! is very well positioned to reach out to Italian SMEs in need of financing.”
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