Brussels, 29/10/2012 (Agence Europe) - Three separate credit lines, totaling €105 million, have been signed in the last few days between the European Investment Bank (EIB) and Centrobanca, UBI Banca Group's Corporate and Investment Bank, to be used for financing mid-caps, enterprise networks and companies investing in research and development (R&D).
The first line of finance is for projects put forward by mid-caps (firms with between 250 and 3,000 employees). This operation is the third tranche of a €300 million loan for mid-caps approved by the EIB in 2011 and to be agreed with various Italian credit institutions.
Enterprise networks - free associations between firms whose goal is to increase competitiveness and innovation among their members - are to receive €25 million. This form of association was recently introduced into the Italian legal system (Enterprise Networks Agreement, Law 33/2009). The EIB will be providing a total of €100 million for this operation, to be shared among different Italian credit institutions.
In response to a proposal from Confindustria, the EIB is to finance projects selected by the Economic Development Ministry under the Industria 2015 initiative. Up to 50% of investments involving firms engaged in research and development selected by the Ministry in specific fields (Made in Italy, energy efficiency and sustainable mobility) will be able to be covered by the EIB and UBI Group. The credit line approved by the EIB for Industria 2015 totals €150 million.
In general, the loans will be intended either for new projects or projects in progress. For SMEs and mid-caps with projects not exceeding €25 million, the finance will be able to cover the full amount of the investment (up to a maximum of €12.5 million per project) and may be used to purchase, construct, extend or renovate buildings, purchase plant, equipment, vehicles or machinery, cover project-related costs, additional charges and intangible assets, including research, development and innovation costs, and provide the working capital that is always needed in connection with operational activities. The operations are intended for SMEs and mid-caps in all productive sectors (agriculture, crafts, industry, commerce, tourism and services). For mid-caps with investments costing between €25 and €50 million, the EIB loan may not exceed 50% of the project/investment cost. (OL/transl.fl)