The European Investment Fund (EIF) is providing two guarantees totalling €50 million to illimity Bank to improve access to finance for small and medium-sized businesses (SMEs) in Italy, primarily focusing on sustainability, innovation and digitalisation.The EIF funding is backed by the InvestEU programme.
Thanks to the InvestEU Innovation and Digitalisation guarantee of €25 million, illimity Bank will be able to further support innovation and digitalisation-driven enterprises. This support will enhance access to finance for research and innovation intensive SMEs and small mid-caps, as well as supporting the uptake of digital technologies and the digital transformation of businesses.
In addition, the InvestEU Sustainability guarantee of €25 million will enable illimity Bank to boost the green and sustainable transition of the economy, encouraging environmentally friendly, green, and inclusive investments of the final recipients.
Paolo Gentiloni, Commissioner for Economy, said: These two guarantees are part of the InvestEU programme, which aims to encourage sustainable, digital, innovative and inclusive investments across Europe.InvestEU is playing an important role in helping small and medium-sized companies gain access to the finance they need to grow and create jobs.Thanks to this agreement, an increasing number of Italian small and medium businesses will be able to secure crucial financing to do so and drive the green and digital transitions.”
The InvestEU programme provides the EU with long-term funding by leveraging private and public funds in support of EU policy priorities. As part of the programme, the InvestEU Fund is implemented through financial partners who will invest in projects using the EU budget guarantee and thus mobilising at least €372 billion in additional investment.
A press release is available online.