Earthquake, EIB and CDP allocate 500 million for the reconstruction of the areas of central Italy affected by the earthquake

The commitment of the European Investment Bank (EIB) and Cassa Depositi e Prestiti (CDP) is growing in favor of the relaunch and safety of the territories of Abruzzo, Lazio, Marche and Umbria affected by the earthquake in 2016 and 2017. A new 500 million loan was signed in September 2022 to support the reconstruction of residential and productive buildings destroyed or severely damaged by the earthquakes that hit Central Italy. The funding provided by the EIB to CDP, thanks to the best funding conditions on international markets in terms of interest rates, will allow the Italian State to make significant financial savings over the 25-year term of the loan. In this context, today in Camerino (Macerata), one of the Marche centers most affected by the earthquake, Gelsomina Vigliotti, vice president of Bei, and Giovanni Legnini, extraordinary commissioner of the Government for reconstruction in the Abruzzo, Lazio, Marche and Umbria regions, have signed an agreement to ensure the monitoring and reporting of projects supported by the EIB, with particular regard to environmental sustainability. The agreement will also allow the resources made available by the EIB and CDP to be used rapidly in support of private reconstruction, contributing to significantly improve the energy efficiency and seismic safety of new buildings, essential elements for balanced and sustainable growth in the affected areas.
In detail, the resources channeled by CDP for private reconstruction are intended for families and businesses affected by the earthquake through subsidized loans provided by affiliated banks on the basis of the progress of the reconstruction interventions admitted to the facilities. In particular, the reimbursement costs of the loans are borne by the State through a mechanism that provides for the recognition, in favor of the beneficiaries, of a tax credit that will be transferred to the affiliated banks and which they will use to offset their tax debts. The amount of the tax credit is equal to the installments due (principal and interest). The 500 million is the first tranche of a total loan of 750 million approved by the Board of Directors of the Bank of the European Union for the reconstruction of private buildings and productive activities in Central Italy, to which must be added 1 billion made available by the EIB again through Cdp in June 2017. The resources are included in the Reconstruction Sisma Central Italy Plafond launched by Cdp at the end of 2016. A further billion was then allocated by the EIB to the MEF for the reconstruction of schools, hospitals, courts and administrative offices, completed in March in 2018. This means that the EIB, overall, will make 2.75 billion available for public and private reconstruction in the regions affected by the earthquake. «I thank the EIB and Cdp for their strong and convinced commitment to finance the reconstruction of Central Italy. The new loan is a sign of renewed confidence in this difficult process, which is finally progressing quickly. The resources made available by the state are sufficient, all the more so if the funding, as in this case, is provided by leading international financial institutions, reducing the burden on the public budget ”, said extraordinary commissioner Giovanni Legnini.
“The agreement signed today here in Camerino demonstrates the proximity of the EIB to the territories affected by the earthquakes of 2016 and 2017. As a Bank of the European Union, it is a top priority for us to finance the reconstruction of private and public buildings in the areas concerned, contributing not only to repopulate these areas but also to support the relaunch of the economy “, said Gelsomina Vigliotti, vice president of the EIB,” from 2016 to today, the EIB has already made € 2.75 billion available for reconstruction and we are already working to further increase our support to the Abruzzo, Lazio, Umbria and Marche regions. Rebuilding is important, but doing it even more so as to avoid and prevent the damage caused by natural disasters ». “We are proud to continue to support reconstruction in the areas of Central Italy that were hit hard by the earthquakes of 2016 and 2017. Together with Bei and the extraordinary commissioner, we aim to accelerate the return of these places and the lives of those who live there. normality, with particular attention to improving the quality of homes and production sites, both from the point of view of energy efficiency and from that of seismic safety. All of which are indispensable for fostering lasting and sustainable growth in the regions involved. Furthermore, with this operation, CDP confirms its role as facilitator in accessing European resources and opportunities to contribute to the sustainable development of Italy ”, said the CEO and general manager of CDP, Dario Scannapieco.