The European Investment Bank (EIB), the European Union's financing institution, has directed additional funds to small and medium-sized projects in Italy through the signature of a new global loan of ITL 300 billion (ECU 154 million) to Crediop SpA.
Funds from the global loan will be available for small and medium-sized projects related to infrastructure of regional and Community interest and ventures leading to a more rational use of energy, environmental protection and the reduction of pollution. The credit line may also be used to support projects in the heath sector.
The operation allows the EIB to further develop its lending in favour of small and medium scale infrastructure investments managed by public sector entities. An established EIB partner and part of the San Paolo di Torino banking group, Crediop is one of the principal lenders to local authorities and other public bodies in Italy.
A global loan is a line of credit which the partner financing institution draw on to fund ventures in compliance with EIB lending criteria. The Bank has established an extensive network of about 130 active intermediaries for global loans to SMEs, covering the entire Union.Investments co-financed through standard global loans (ECU 2.2 billion, directed to 11,000 SMEs) have created about 10,000 jobs within small and medium-sized enterprises in the European Union in 1997. In Italy, last year the EIB advanced global loans for a total of ECU 1.076 billion. Over the past five years, some ECU 18.5 billion have been advanced by the Bank to assist almost 56 000 SMEs.
The conversion rates used by the EIB for statistical purposes during the current quarter are those obtaining on 30 September 1998, when ECU 1 = ITL 1 939.74 , GBP 0.69.