Cdp-EU Commission, investments up to 750 million
Signed a guarantee agreement under the InvestEU program for a total value of 355 million between Cassa Depositi e Prestiti and the European Commission. The deal will unlock up to 750 million in new CDP funding to be allocated to investments throughout Italy in support of research and development and the ecological transition of businesses, social and sustainable infrastructures and, for the first time, social housing projects at affordable prices.
This is the third deal under InvestEU, which plans to mobilize a total of €372 billion in new investment over the next five years across the European Union. With this agreement, the Cdp Group is the only national promotional institution in Europe to have signed three InvestEU agreements.
Investments to date
The first, signed in July 2022, saw the mobilization of 6.7 million for consultancy activities aimed at supporting the development of investment projects in the area of social and sustainable infrastructure. The second, subscribed in October 2022 by CDP Equity, provided a guarantee for a total of €260 million to support investments aimed at developing Italian venture capital for a total of €520 million.
Thanks to their role as executive partners of InvestEU, in the last six months CDP Spa and CDP Equity have managed to mobilize a total of over 1.2 billion of investments in consultancy, businesses, startups and social and sustainable infrastructures, including social housing projects at accessible. Operations in line with the Group’s 2022-2024 Strategic Plan, which plans to mobilize over 128 billion in investments by 2024.
The reactions
The European Commissioner for the Economy, Paul Gentiloni, who underlined how “InvestEU promotes investments in the EU that will help us achieve our common goals, especially for the ecological and digital transitions. Today’s agreement will further consolidate our commitment to Cassa Depositi e Prestiti under the InvestEU programme. We are pleased to be able to draw on CDP’s vast experience and expertise, helping to direct total investments of up to €750 million throughout Italy to improve the lives of citizens, foster the competitiveness of businesses and develop infrastructures”.
According to the president of CDP, Giovanni Gorno Tempini, “thanks to the signing of the third InvestEU agreement with the European Commission, CDP expands its ability to invest in the development of the Italian economy, exploiting European resources capable of mobilizing over 1.2 billion in total. The renewed synergy with the Commission will make it possible to guarantee our country additional and important instruments, in addition to those already made available by the NextGenerationEU plan, which will make a significant contribution to the country’s ambitious growth plans”.
The CEO of Cdp spoke of a winning paradigm, Dario Scannapieco: “This agreement is an example of a winning paradigm that aims to combine European and national resources: the financial capacities of the Union and the ability of CDP to allocate these resources in the real national economy in an efficient way. Today’s signing strengthens our relations with the European institutions and represents, on the one hand, the completion of an extraordinary journey within the InvestEU program and, on the other, the first step of a strategic and long-term collaboration between CDP and the EU, which shapes our role as a National Promotional Institution and our commitment to promote sustainable and inclusive growth in Italy and in Europe”. The InvestEU program will provide the EU with important long-term finance by drawing on substantial public and private funds to support a sustainable recovery.
(Italpress).