Cdp-Anfir protocol for subsidized finance interventions in favor of SMEs
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A memorandum of understanding has been signed between Anfir (the national association of regional finance companies) and Cassa Depositi e Prestiti. The agreement – which renews a Protocol signed in 2020 – defines areas of collaboration on the subject of subsidized credit interventions through the activation of regional measures under the FRI (Revolving Fund for the support of businesses and investments in research), based on the analogous experience started in Campania with the Negotiated Financial Instrument (SFIN).
The parties will collaborate for the management of alternative finance instruments, through the activation of regional Basket Bonds (on the models of the Campania and Puglia Regions), or with “private capital” interventions, through the definition of investment lines in instruments promoted by the parties. And again, guarantee interventions will be activated in “tranched cover” mode (portfolio guarantees), a financial engineering tool that allows companies admitted to the subsidy to benefit from better conditions for accessing credit by obtaining improved interest rates compared to market trends.
Fund raising for the SME Guarantee Fund section
In particular, the Protocol provides for the activation of “fund raising” initiatives for the establishment – through CDP – of a sub-section of the Guarantee Fund for SMEs aimed at increasing the thickness of the junior tranche of guaranteed loan portfolios (i.e. the portion of the portfolio that bears the first losses recorded); or even first-loss guarantee initiatives, with the possible use of community and regional funds, on portfolios of new loans, with the aim of supporting companies benefiting from regional non-repayable subsidies for the implementation of investment programmes. To convey all these initiatives, Anfir and Cdp will be able to organize events, seminars, dissemination, training and information moments to support the activities of the regional financial institutions. «Campania has led the way in Italy with two facilitation measures to support the competitiveness of regional companies. First with the Campania Bond Guarantee, a concrete alternative to the traditional banking channel, which has had the great merit of bringing the capital market closer to SMEs which, at a global level, and in particular in Europe, has always favored operations that are not compatible with our production structure – says Mario Mustilli, president of Sviluppo Campania and member of the Anfir Steering Committee -. Then with SFIN, a new financial instrument to support productive investments in strategic sectors which made use of the Revolving Fund for Enterprises, used for the first time on a regional basis. The desire to replicate these measures in other regions – adds Mustilli – is a source of great pride for us and confirms the extraordinary effectiveness of two tools that have been able to intercept the real needs of companies, among other things, in the midst of a difficult socio-economic situation generated by the pandemic”.
Agreement with the Municipality of Milan
Meanwhile, Cassa Depositi e Prestiti has also signed a Memorandum of Understanding with the Municipality of Milan aimed at promoting sustainable development by promoting investments in mobility and infrastructure to enhance and safeguard the territory. The collaboration will allow the municipal administration to fully seize the opportunities offered by the InvestEU Programme, making use of the technical and financial support of CDP for the development of investment programmes. CDP’s consultancy activity for Palazzo Marino will concern, in particular, projects in local public transport, urban regeneration and the energy efficiency of properties owned by the state property. Cassa will identify the most appropriate legal and financial instruments to support these projects, which will be developed within the framework of InvestEU, the Program for the relaunch of public and private investments in the European Union for sustainable recovery, also equipped with a consultancy hub, within which CDP has the role of Advisory Partner of the European Commission. With this Agreement, which will be operational for the next two years, the regulatory principles of institutional cooperation were also defined, which provides for the signing of individual detailed implementation protocols between CDP and the various Administration Areas.
Conte (Milan): investing in sustainability and mobility
«The municipal administration – explains the Councilor for Budget and Heritage, Emmanuel Conte – intends to make important investments with impacts of environmental and socio-economic sustainability, also experimenting with new operating models and identifying solutions suitable for the needs of the territory. The opportunities offered by InvestEU can contribute to the growth plan of the city, according to the horizons outlined by the Next Generation EU, which inspire a new competitive and integrative development, with technological transition, social equity and sustainability at the centre”.
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