- The operation is based on the purchase by the EIB of a covered bond issued by Crédit Agricole Italia.
- 25% of the new resources will go towards the environmental transition.
- The beneficiaries of new financing will be small and medium-sized enterprises (SMEs), mid-caps and agri-food businesses.
The European Investment Bank (EIB) and Crédit Agricole Italia have signed a €400 million agreement to support new investment from small and medium-sized enterprises and agricultural companies. Over 25% of this funding will go towards meeting environmental sustainability and energy efficiency transition goals, confirming the continued dedication and commitment of the EIB and Crédit Agricole Italia to the circular economy and environmental, social and governance issues.
The operation is structured around the EIB’s full private placement purchase of a new, €400 million premium label covered bond issued by Crédit Agricole Italia under its covered bond programme. The 5-year bond’s principal will be repaid at maturity and its coupon is indexed to the 6-month Euribor. Crédit Agricole Italia will make all of the funds available to its customers.
The beneficiaries of the new financing will be SMEs (up to 250 employees), mid-caps (250 to 3 000 employees) and agri-food sector companies, which will be able to carry out new projects with a financial advantage derived from the EIB's preferential rates. Applications will be managed directly by the network of Crédit Agricole Italia and its subsidiaries, and at least €100 million (25% of the total amount covered by the agreement) will help customers to increase their use of renewable energy and implement energy efficiency initiatives.
“With interest rates on a sustained upward trajectory, small and medium-sized enterprises are finding it increasingly difficult and expensive to access new finance,” said EIB Vice-President Gelsomina Vigliotti. “This operation shows that the EIB is in touch with Italian business, helping to provide new financing on favourable terms to companies wishing to invest in a more sustainable future.”
“Today’s agreement with the EIB shows our commitment to actively supporting Italian businesses and the agri-food sector, making them leaders in the international marketplace,” said Crédit Agricole Italia CEO and Senior Country Officer Giampiero Maioli. “We strive to cement our role as a reliable partner for all companies that — like us — are focusing their efforts on a sustainable energy transition.”
Background information
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It provides long-term financing for sound investments that contribute to EU policy. The Bank finances projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). Between 2019 and 2022, the EIB Group provided €45 billion in financing for projects in Italy.
Crédit Agricole Italia
Crédit Agricole Group is one of the world’s top ten banking groups with 11.5 million members, and operates in 46 countries including Italy, its second domestic market. All of its business lines are present in Italy: from commercial banking to retail loans, from corporate and investment banking to private banking and asset management, and from the insurance sector to high-wealth individuals. Cooperation between the commercial network and business lines enables a broad and integrated operation to serve 5.9 million customers via 1 600 points of sale and over 16 400 employees, with increasing support for the economy of €97 billion in financing. In addition to Crédit Agricole Italia, the group also includes companies covering corporate and investment banking (CACIB), specialist financial services (Agos, CA Auto Bank), leasing (Crédit Agricole Leasing, part of Crédit Agricole Italia) and factoring (Eurofactor), asset management and asset services (Amundi, CACEIS), insurance (Crédit Agricole Vita, Crédit Agricole Assicurazioni, Crédit Agricole Creditor Insurance) and wealth management (CA Indosuez Wealth Management in Italy and CA Indosuez Fiduciaria).