Investment & Fund Management

The European Investment Fund (EIF) and Fondo di Garanzia per le PMI signed a COSME agreement in Italy, aimed at addressing the financing challenges faced by Small and Medium-sized Enterprises (SMEs) in the country. The specific issue was the limited access to financing for approximately 20,000 SMEs, which are crucial to the Italian economy. The agreement, supported by the European Fund for Strategic Investments (EFSI), allows Fondo di Garanzia to facilitate over EUR 1 billion in financing to these SMEs over the next year.

The tailored solution involved a counter-guarantee agreement under the COSME programme, which is designed to enhance the ability of mutual guarantee societies (Confidi) to provide guarantees to SMEs. This initiative is particularly significant in the current critical period for the Italian credit market, as it aims to bolster the financial instruments available to support SME access to finance.

As a result of this agreement, it is anticipated that the 20,000 SMEs will gain improved access to finance, enabling them to create jobs, foster growth, and develop their businesses. This initiative reflects a broader commitment by the EIF and the EIB Group to respond to the urgent financing needs of SMEs, thereby contributing to economic stability and growth in Italy.