Italy: EIB backs Tuscany Region’s EUR 0.5 billion investment plan

The Tuscany Region’s 5-year investment plan will be supported by the EIB, the European Investment Bank. Overall, the European Union’s bank will finance 50% of the EUR 0.5 billion of works planned for the period 2016-2020 in the infrastructure and social housing construction sectors, so providing a total EUR 250 million worth of loans with long (25 years) maturities and favourable interest rates made possible by the EIB’s triple A fundraising.

The first operation was signed today in Florence at the Region’s headquarters in Piazza Duomo by EIB Vice-President Dario Scannapieco and the President of the Tuscany Region, Enrico Rossi. This takes the form of a EUR 150 million credit line, to be managed directly by the Region, for carrying out projects throughout the region in the areas of sustainable and strategic transport, urban regeneration, cultural heritage, environmental protection and public buildings.

The next few days will also see the signing of a loan (already approved by the EIB) for social housing construction: EUR 100 million will be channelled through Casa S.p.A., the Province of Florence’s municipal company that plans, carries out and manages projects in the area. In this case, Casa S.p.A. will act as the lead entity for its counterparts in the other Tuscan provinces and the operations will cover the entire region.

“The Tuscany Region has proved itself to be dynamic in seizing the opportunity to access our funding in sectors that are vital to supporting the recovery and social cohesion”, said Vice-President Scannapieco, “and operations like the ones announced today demonstrate that Europe can get closer to its citizens with practical instruments that have positive economic impacts”.

“We will use this loan to finance our investments over the next two years with debt – announced the President of the Tuscany Region, Enrico Rossi – and top of the list are soil protection and mobility projects. With the second operation – implemented by Casa S.p.A but with repayment by the regional banks – we will help to fulfil a fundamental right: housing. The crisis has created new forms of poverty, in Tuscany too, and this EUR 100 million loan will make it possible to execute a plan worth at least twice as much to construct new buildings and carry out the necessary maintenance on existing buildings”.