EU boosts financing for Italian SMEs with €30 million from European Investment Fund
The European Investment Fund is investing €30 million in the PMI Italia II private debt fund under the Investment Plan’s European Fund for Strategic Investments. PMI Italia II is managed by Finint SGR, and its aim is to support the growth and internationalisation of Italian small and medium-sized businesses (SMEs). The PMI Italia II Fund’s target is to have available €150 million for SMEs by June 2020. Paolo Gentiloni, Commissioner for the Economy, said: “I am proud that already 300,000 SMEs are benefitting from improved access to finance in Italy thanks to agreements under the Investment Plan for Europe. Small and medium-sized businesses in Europe still face the challenge of obtaining the necessary financing to grow, develop and take on more staff. Today’s agreement is a step forward to ensure that SMEs benefit from alternative funding solutions.” The press release is available here. As of February 2020, the Investment Plan for Europe has mobilised €462.7 billion of investment across the EU, including €70.2 billion in Italy, and supported more than 1.1 million start-ups and small and medium-sized businesses.