UniCredit completed internalisation of life bancassurance in Italy
UniCredit S.p.A. (“UniCredit”) has announced that having received all necessary approvals from the relevant authorities, it has completed on Friday, 20th of June, the internalisation of its life bancassurance business in Italy, acquiring full control of the joint ventures with CNP Assurances S.A. (“CNP Assurances”) and Allianz S.p.A. (“Allianz”).
As an effect of the closing of the acquisition, CNP UniCredit Vita S.p.A. has been renamed UniCredit Life Insurance (“ULI”), while UniCredit Allianz Vita S.p.A. has been renamed UniCredit Vita Assicurazioni (“UVA”).
Alessandro Santoliquido has been appointed CEO of both companies alongside his role as Head of Group Insurance.
ULI and UVA are expected to merge in 2026: the resulting new Italian life bancassurance company represents a significant expansion of the Client Solutions factories and will hold a leadership position in high-value segments such as unit-linked and term life policies.
In line with the relevant regulations, UniCredit plans to apply for recognition of the Danish Compromise once classified as a Financial Conglomerate.
Following long-standing partnerships with two of the most reputable global insurance groups, CNP Assurances and Allianz, the internalisation of the life bancassurance factories in Italy will allow UniCredit to:
· build an efficient company in a fee-based sector where UniCredit is already one of the leading players;
· extract business synergies to further strengthen service levels and the value for money offered to customers, while also driving a substantial growth of the business.
The current set-up of the Italian non-life bancassurance business will not be impacted and will continue to operate through the joint venture UniCredit Allianz Assicurazioni S.p.A. under the terms communicated to the market in January 2022.
The impact of the transaction on the Group’s second quarter CET1 ratio is expected to be circa -25 basis points. This impact is expected to be neutralized once UniCredit will be recognised as a fully-fledged Financial Conglomerate subject to supplementary supervision and it obtains the application of the Danish Compromise.
UniCredit expects the two transactions will substantially contribute to the EUR 0.4 billion growth in insurance annual revenues by FY27, compared to FY24.
Alessandro Santoliquido, Head of Group Insurance at UniCredit, commented: “This transaction is a key milestone in the journey towards the creation of a leading life insurance company in Italy. Our aim is to become the market reference point not only in terms of size, but also for efficiency, product innovation and quality of customer service. Our commitment is now to carry out the merger as quickly as possible, to enter the next stage of growth offering customers the best available solutions”.
Italy: New EIB-CDP agreement to provide €1 billion in support for public sector
A €500 million EIB guarantee will enable Cassa Depositi e Prestiti to provide new loans totalling €1 billion to public sector bodies.
The two institutions further strengthen their partnership aimed at boosting the Italian economy via initiatives with positive environmental impact implemented by public sector organisations, particularly in central and southern Italy.
The European Investment Bank (EIB) and Cassa Depositi e Prestiti (CDP) have announced an agreement to strengthen their cooperation to promote public sector investment in key sectors of the Italian economy. Up to €1 billion in new funds will support sustainable regional growth and public sector investment in various sectors with a positive impact on environmental sustainability, social cohesion, and development in the south of the country.
In concrete terms, the EIB will guarantee loans totalling up to €500 million granted by CDP to Italian regions, making it possible for Cassa Depositi e Prestiti to provide public sector bodies with loans up to double this amount (totalling up to €1 billion) over the next five years.
The new funds will help foster economic development in central and southern Italy – including in the areas hit by the 2016 central Italian earthquake – and will support projects aiming to mitigate climate change, improve resilience to adverse weather events and promote social cohesion.
This new agreement strengthens the already sound working relationship between the EIB and CDP to support the public sector. This is the second guarantee agreement between the EIB and CDP following that signed in 2022. The previous agreement aimed to promote economic growth and accelerate the green transition of public sector bodies on the ground.
Italy: Europe’s biggest solar gigafactory 3Sun secures €560 million financing from EIB and pool of Italian banks led by UniCredit and backed by SACE
The gigafactory will produce 3GW of clean energy capacity by 2024, becoming Europe’s biggest solar panel production facility.
Following the initial commitment by UniCredit, later flanked by BPER Banca and Banco BPM, the EIB is now joining the Italian banks in supporting the company.
Senior financing is 80% backed by SACE Green guarantee,
The overall financing secured for the construction and operation of the 3Sun plant is partly backed by InvestEU.
3Sun, Enel Green Power’s photovoltaic cell and modules production gigafactory, has secured a 560 million euro financial package to back the expansion of its production capacity, in a significant milestone for Europe’s energy transition and security. The financing was made possible through a collaborative effort between the European Investment Bank (EIB), supported by InvestEU, and a pool of Italian banks, led by UniCredit and comprising BPER Banca (Corporate & Investment Banking) and Banco BPM, backed by SACE.
Located in Catania, Sicily, 3Sun’s existing production capacity of approximately 200 megawatts (MW) a year is set to expand to 3 gigawatts (GW) by the end of 2024, thus becoming the largest solar factory in Europe. In addition to generating enough clean energy production capacity to supply the equivalent of 1 million households a year, the gigafactory is expected to contribute to economic growth in Sicily by creating direct jobs and indirect employment opportunities.
The project is aligned with the broader REPowerEU mission, contributing to the European Union’s target of producing nearly 600 GW of solar energy by 2030 while reducing reliance on gas imports and diversifying sourcing away from Chinese solar components. In July 2023, the EIB committed to providing €45 billion in additional financing to support REPowerEU, including funding to boost European manufacturing in state-of-the-art strategic net-zero technologies.
The gigafactory combines research and innovation to produce high-performance bifacial photovoltaic modules, capturing sunlight from both sides. Its innovative technology makes 3Sun the world’s most automated photovoltaic panel production plant, operating seamlessly on a continuous cycle — 24 hours a day, 365 days a year.
The gigafactory will act as a catalyst for reshoring the PV value chain in Europe, and the project will foster next-generation high-efficiency solar technology in Europe. It will also help reduce the continent’s energy dependence, being a technological hub for the new rise of the European photovoltaic industry.
The financial support totalling €560 million for the construction and operation of Europe’s biggest solar factory was made possible thanks to the support of the consortium of Italian banks, whose commitment is backed by SACE, Italy’s export credit agency, and EIB direct financing backed by the InvestEU programme. The EIB financing also includes intermediated loans to commercial lenders for €118 million, which could be increased to up to €342 million in 2024, bringing the total EIB intervention in support of 3Sun to €389.5 million.
Specifically, the financial structure of the transaction as a result of the signed EIB commitments is as follows:
€47.5 million EIB loan, backed by InvestEU.
€147.5 million UniCredit loan, 80% guaranteed by a SACE green guarantee, plus €85 million VAT loan. Out of this €147.5 million, the EIB has committed €118 million of intermediated funding to UniCredit, enabling the Italian bank to improve the financing conditions for 3Sun.
€140 million Banco BPM loan, 80% guaranteed by a SACE green guarantee.
€140 million BPER Banca loan, 80% guaranteed by a SACE green guarantee.
BCC Iccrea Group and BNP Paribas Cardif sign a strategic partnership for life insurance in Italy
BCC Banca Iccrea, parent company of the BCC Iccrea Group, and the insurer BNP Paribas Cardif have signed a strategic bancassurance partnership in life insurance.
The choice of BCC Iccrea Bank (holding of the BCC Iccrea Group) came after a complex selection process involving several leading companies in the European insurance market with a consolidated position also in the life sector in Italy.
The proposal submitted by BNP Paribas Cardif, the insurance arm of the BNP Paribas Group stands out in terms of product range, with products customised specifically for the BCC Iccrea Group to support the sales network. Among other things, the agreement provides BNP Paribas Cardif with the purchase of 51% of BCC Vita, the BCC Iccrea Group’s life insurance company, set up in 2008 to promote life and protection insurance services through a wide range of policies able to meet the need of securing and protecting one’s savings. BNP Paribas Cardif will be able to extend the duration of the partnership up to a total of 15 years and to acquire an additional 19% of BCC Vita.
For the BCC Iccrea Group, the agreement will strengthen and align the product range of the 116 BCCs* that belong to the BCC Iccrea Group with respect to bancassurance, providing continuity to the commitment made by BCC Vita.
This agreement for exclusive distribution with BCC Banca Iccrea, holding of the second largest banking group in Italy by number of branches allows BNP Paribas Cardif to fulfill its diversification through new distribution networks, notably in Italy. At the same time, BNP Paribas Cardif will follow its strategic plan and its ambition to reinforce its position in the insurance market worldwide through new business opportunities.
A particular strategic role in the partnership will be played by BCC Servizi Assicurativi, the specialised insurance hub of the BCC Iccrea Group that has strengthened since August 2020, its personalised assistance and consulting services for customers and shareholders of member BCCs and its technological innovation support to the network of their 2,500 branches in Italy. BCC Servizi Assicurativi, founded with the mission of capitalising on the significant growth potential offered by the bancassurance sector, has progressively assumed the role of insurance competence centre for both the BCC Iccrea Group’s companies and the BCCs.
“I’m very pleased that we were able to close a commercial agreement for life insurance with BNP Paribas Cardif, an important partner both in Italy and in Europe”, commented Mauro Pastore, General Manager of the BCC Iccrea Group. “The partnership comes after a long internal evaluation that sought to identify a company that could ensure our 116 BCCs a complete, competitive product range and an operating model leveraging existing infrastructure throughout the country. It is with these resources that we want to gain new market share in the sector, through careful monitoring and a comprehensive offer that is able to respond to our customers’ wide-ranging and growing needs for protection”.
The effectiveness of the transaction is subject to the issuance of authorisations by the relevant authorities.
Italy: New agreement between EIB Group and BNL BNP Paribas: €434 million ceiling to support businesses and their ecological transition
20% of the total ceiling will be dedicated to investments designed to promote green energy production, reduce CO2 emissions and improve energy efficiency.
The resources will come from the Minerva 3 operation that the bank is implementing with the EIB Group.
The new operation being undertaken by BNL BNP Paribas and the EIB Group, which comprises the European Investment Bank (EIB) and the European Investment Fund (EIF), focuses on the real economy and is aimed at small and medium-sized businesses (with fewer than 250 employees), and mid-caps (companies with fewer than 3 000 employees). The Minerva 3 operation is technically a synthetic securitisation (with no asset assignment) on a portfolio of the bank’s performing loans.
Specifically, the European Investment Fund (EIF) has provided security for a tranche of €86.8 million, with an EIB counter-guarantee, which will enable BNL to provide new low-interest loans up to a ceiling of €434 million. This funding will help to support Italian businesses as they seek to relaunch investment and meet post-pandemic working capital requirements against an uncertain macroeconomic backdrop, between high inflation and rising interest rates.
A green target is being added to the two previous synthetic securitisation operations finalised with BNL BNP Paribas since 2018: the bank has committed to dedicate at least 20% of the total ceiling to investments by Italian small businesses designed to promote green energy production, reduce CO2 emissions and improve energy efficiency.
The partnership between the EIB and BNL BNP Paribas includes a number of securitisation guarantee operations, resulting from the close and productive business relationship between the two institutions. Some €490 million in mezzanine guarantees provided to date from four BNL BNP Paribas securitisation operations will unlock around €2.4 billion in new loans to businesses.
“Thanks to the excellent relationship between the EIB Group and the BNP Paribas Group, Italian small businesses will benefit from additional resources to invest in a green and sustainable future. At least 20% of the funds made available through this operation aim to promote energy efficiency and increase the production of renewable energy”, said EIB Vice-President and EIF President Gelsomina Vigliotti.
“Supporting the real economy and helping companies grow with a view to sustainability is at the heart of the strategy of BNL and the BNP Paribas Group. This new operation with the EIB and the EIF is a concrete example of how these objectives can and should be pursued systemically, working towards common, positive and lasting development”, said CEO of BNL and Head of the BNP Paribas Group in Italy Elena Goitini.
Italy: The EIB backs Tapojarvi with EUR 18 million to reduce the environmental footprint of the steel industry
The EU bank’s funds will cover Tapojarvi’s investment in an innovative slag processing and valorisation plant in Umbria, Italy.
The project promotes the shift towards a circular economy that reduces the environmental impact of stainless steel manufacturing.
The EIB financing is backed by an EU guarantee from Investment Plan for Europe.
Reducing the environmental impact of the steel industry while promoting a shift towards a circular economy and the development of innovative processes. This is the main objective of the European Investment Bank (EIB)’s 18 million euro loan to Tapojarvi, a family-owned Finnish midcap founded in 1955 that specialises in handling, processing, and recycling services for the mining and steel industry.
The EIB funds, backed by a guarantee from the European Fund for Strategic Investments (EFSI) — the main pillar of the Investment Plan for Europe – will cover Tapojarvi’s investment in an innovative slag processing and valorisation plant located in Umbria, Italy.
The project will also cover the initial testing and ramp-up phases to transform the slag into valuable by-products and reduce landfilling. This will entail the deployment of advanced manufacturing technologies compliant with industry 4.0 principles, introducing innovative recycled products mainly for construction use, and reducing the consumption of natural resources and raw materials. Hence, the project will support a shift towards a circular economy and will contribute to reducing the environmental footprint of a highly polluting industry.
Moreover, the project will increase Tapojarvi’s competitiveness and boost job creation in Umbria, an Italian cohesion region with higher unemployment rates than the European Union’s average. It is estimated that the project will contribute to creating more than 500 jobs during the implementation phase.
Gelsomina Vigliotti, EIB Vice-President, stated: “Operations like the one signed with Tapojarvi are essential to support the shift toward a more circular and sustainable economy as they contribute to reducing the environmental footprint of stainless steel plants via the recovery of valuable raw materials. Circular economy is a key instrument to fight climate change and reduce businesses’ dependency on imports from third parties.”
Paolo Gentiloni, Commissioner for the Economy, said: “I welcome the EIB support, backed by the Investment Plan for Europe, for Finnish company Tapojarvi. This funding will go towards an innovative industrial plant in Umbria, and towards developing ways to transform slag into valuable by-products and reduce landfilling. In doing so, the project will support the regional economy and the creation of 500 jobs in the implementation phase, while increasing recycling and reducing the consumption of natural resources and raw materials in the steel and mining industry.”
Martti Kaikkonen, Chief Executive Officer, Tapojarvi Italia S.r.l., stated: “The Tapojarvi project in Italy is a second-generation eco-innovative slag processing plant based on more than 15 years of experience in slag processing and productization in Finland. Tapojarvi will continue its internationalization and expand the slag processing and productization to other European countries.”
Italy: Poste Italiane obtains €700m credit lines from EIB to support energy efficiency and sustainable mobility initiatives
Poste Italiane obtains two medium/long-term credit lines for a total of €700 million from the European Investment Bank (EIB) aimed at supporting “24SI Plus” Plan ESG initiatives, optimizing the Group’s financial structure.
These credit lines represent the first Green financings for Poste Italiane, fixed rate and bullet repayment, equal to a maximum of:
– €600 million, with a maximum 5 year maturity, for the purchase of tax credits from individuals and companies, resulting from real estate energy efficiency and decarbonization projects.
– €100 million, with a maximum 6 year maturity, to renew the fleet with approximately 4,150 zero-emission electric vehicles.
EIB Vice-President Gelsomina Vigliotti said: “With an unparalleled distribution network stretching across Italy, Poste Italiane is a key partner for promoting sustainable and innovative investments. As the EU climate bank, the EIB supports Poste Italiane’s decarbonisation plan to significantly reduce CO2 emissions via projects fostering energy efficiency and sustainable mobility in Italy, both priorities of the NRRP.”
Matteo Del Fante, CEO and General Manager of Poste Italiane commented: “With these Green projects, we confirm our ESG commitment underpinning “24SI Plus” plan and our ambition to contribute as a systemic player to Italy’s energy transition acceleration.”
Italy: BNL BNP Paribas and the EIB Group – €470 million credit line to support businesses
– The resources will come from the Minerva 2 operation that the bank is implementing with the EIB Group.
– The operation is being backed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.
The new operation being undertaken by BNL BNP Paribas and the EIB Group, which comprises the European Investment Bank (EIB) and the European Investment Fund (EIF), focuses on the real economy and is aimed at small and medium-sized enterprises (with fewer than 250 employees), which will represent at least 50%, and mid-caps (companies with fewer than 3 000 employees). The operation is being backed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.
The operation is named Minerva 2 and is technically a synthetic securitisation (with no asset assignment) of a portfolio of the bank’s performing loans. The EIF has issued a guarantee for a tranche worth approximately €94 million, with an EIB counter-guarantee, which will enable BNL to provide new subsidised loans worth up to €470 million to Italian companies dealing with the impact of the pandemic on the economy and the business sector during this critical stage of national recovery.
This is the fourth operation between the EIB and the BNP Paribas Group, two of which have been undertaken with the lead bank BNP and two with BNL. A total guarantee of €402 million will enable companies to receive new loans worth some €2 billion.
“This deal with BNL BNP Paribas will provide new subsidised financing for small and medium-sized enterprises, the driving force behind the Italian economy. Last year, the EIB Group assisted with the liquidity requirements of more than 47 000 Italian companies with €6.86 billion,” said EIB Vice-President Gelsomina Vigliotti.
EIF Chief Executive Alain Godard added: “Italy is one of the European countries with the largest number of small and medium-sized enterprises, and giving them access to financing is a key element to encouraging inclusive economic recovery. Thanks to this agreement, the EIB Group and BNL BNP Paribas will be able to provide €470 million to support the investment requirements of Italian SMEs.”
Commissioner for the Economy, Paolo Gentiloni, said: “I welcome this financing support for small and medium-sized businesses in Italy, backed by the Investment Plan for Europe and based on guarantees from the EIB and the EIF. The financing made available through this operation will allow businesses to continue their path to economic recovery after the pandemic crisis, creating and sustaining jobs in the process.”
Elena Goitini, Chief Executive Officer of BNL and Head of the BNP Paribas Group in Italy: “BNL BNP Paribas confirms its proximity to individuals and businesses throughout Italy thanks to a new organisational and business model that is even more transversal and specialised, with a view to meeting the expectations and requirements, in particular of entrepreneurs, who need a solid, experienced and reliable partner to accompany and support them. We also seek and create the best possible synergies with highly reputable operators, such as the EIB Group, because we understand the need to work together to help the country recover and start growing, especially at this critical social and economic juncture in the wake of the pandemic.”
The support is aimed at the industrial, agricultural, tourism and service sectors and is intended for investments in tangible and intangible assets made within a three-year horizon, and in particular acquisitions, restructuring, extensions of buildings used for the productive activity of the company, research and innovation, and working capital requirements related to the company’s operating cycle.
The Minerva 2 operation sees BNL BNP Paribas and the EIB Group build on the positive experience of working together on Minerva 1 in 2018, with the help of the EFSI to boost growth and employment throughout Europe.
Minerva 2 is one of the first synthetic operations to be designated STS (simple, transparent and standardised), which is a regulatory framework for securitisations recently included in EU law that is intended to guarantee the suitability of these products, differentiating them from more complex and higher risk financial instruments, while ensuring that the lending bank makes a profit.
EBRD and Italy promote eco-tourism in Albania
Ancient hillside fortresses, pristine beaches and unspoilt nature are just some of what Albania has to offer tourists.
The Albanian coastline features some 274 km of uninterrupted beaches, but there is so much more to explore. The Velipoja-Shëngjin area, for instance, boasts numerous cultural heritage sites, from tumulus tombs to medieval fortifications. The Castle of Lezha bears traces of Illyrian, Roman, Byzantine and Ottoman architecture, with a spectacular view of the Drini Valley and Shëngjin beach from 322 meters above sea level. The list goes on.
Tourism also offers many opportunities for locals: from restaurants and cafés to excursions, souvenir shops and recreational activities, such as cycling, hiking and horse-riding.
In the Velipoja-Shëngjin area, in particular, many people make a living from the tourism sector. Aurora Zylai is a birdwatching guide. Her job is her passion and, like many others, she believes that it is vital to develop tourism sustainably on this stretch of the Albanian coast.
“We need a combination of proper infrastructure, including safer roads, and knowledge on how to protect our environment,” Aurora says. “For example, we need to raise awareness of the need to conserve our unique birds and other wildlife, to recycle plastics and other materials as much as possible, and to provide signage and guidance for visitors in protected areas.”
An array of rare bird species, such as the little seagull and the sea swallow, as well as endangered species, such as the white-headed duck and the slender-billed curlew, live in the unique 44 km2 complex wetland ecosystem of the Kune-Vain and Vilun lagoons. If local roads are close or poorly maintained, traffic can disturb them, Aurora says.
The EBRD is supporting sustainable tourism in the area. A US$ 50 million investment will upgrade a number of regional and local roads, including the road between Velipoja and Shëngjin, and provide easier access. At the same time, the Bank is raising awareness of the benefits of ecotourism and encouraging the local community to protect the environment. This component of the project is supported by Italy through the Central European Initiative (CEI) Fund.
Alfred Marku is a chef in a local restaurant. Tourism has boosted employment opportunities and economic development, he says. At the same time, however, he stresses the need to keep the region’s unique character. “To develop tourism sustainably here, we have to protect our traditions, culture, environment and nature,” he says.
This is why the EBRD has explored new ways of promoting good environmental and conservation practices, especially when it comes to sensitive habitats and wildlife. Focus-group discussions, for example, have helped to establish new means of engagement and training and public-awareness activities.
Furthermore, a number of new measures will keep the local community and tourists safe ‒ pedestrians, cyclists and drivers alike. They include, for example, a new cycle line, which will make give tourists greater mobility and promote green transport. Sustainable urban mobility plans for Shёngjin and Velipoja, meanwhile, will increase everyone’s safety and contribute significantly to the quality of life of inhabitants and tourists. Lastly, the project will help to promote equal opportunities for both women and men in the tourism sector.
“The coast is a fantastic place to spend our holidays,” says visitor Iris Sakej. “We can do many different activities: we can go hiking on Renci Mountain or we can spend the afternoon at the beach swimming, canoeing or paddle-boarding, not forgetting bird watching.”
There are, indeed, many ways to explore the area. The EBRD is working closely with the Albanian Development Fund and other stakeholders to improve the local infrastructure and develop tourism sustainably, so that it benefits not only tourists, but also residents.
Our work will thus provide a long-term solution to preserving the country’s unique environment, while making its natural beauty accessible to tourists from Albania and around the globe.
Source: EBRD
Italy: Post-COVID recovery – EIB and UniCredit launch Italy’s first EGF-backed initiative to mobilise €2.5bn in business investment
The EIB will use the Pan-European Guarantee Fund (EGF) to facilitate UniCredit lending to large, medium and small companies
Around 100 large corporates and mid-caps and more than 10 000 small and medium-sized enterprises (SMEs) across Italy stand to benefit
Long-term loans and working capital financing available
Loans at sub-market rates to be disbursed by 31 December 2021
UniCredit and the European Investment Bank (EIB) have signed an agreement to mobilise €2.5bn of investments in large, medium and small Italian businesses, to help them meet the challenge of recovering from the COVID-19 crisis. The deal is the first in Italy to be backed by the Pan-European Guarantee Fund (EGF), one of the EU’s instruments for responding to the pandemic.
The EGF is a guarantee structure supported by 22 EU Member States, organised and managed by the EIB Group in partnership with Europe’s leading financial intermediaries. Its aim is to increase lending to businesses, with credit lines offering advantageous terms and fast availability.
The agreement hinges on a €750m EIB guarantee on a portfolio of new UniCredit loans. Thanks to additional financing and the complementarity mechanism, this will enable companies of all sizes to access €2.5bn of investment by the end of 2021.
Under the agreement, UniCredit will create a €1bn portfolio of new loans over the coming months to both large companies (3000+ employees) and medium-sized firms (250-3 000 employees). The new loans can be used to both finance long-term investments and to fund working capital, helping companies to carry on their core business. The EIB will use the EGF to guarantee up to €750m (75%) of UniCredit’s new loan portfolio. The guarantee will mean that the new loans will have less impact on the bank’s capital ratios, freeing up capital for regulatory purposes. In turn, this will allow UniCredit to make available an additional €750m in loans for SMEs (under 250 employees). The total amount of new loans (across large, small and medium-sized enterprises) will therefore be €1.75bn, which UniCredit will distribute through its branch network across Italy. Thanks to co-financing and a prudent leverage effect, around €2.5bn in investments are expected to be mobilised by the end of the year (including companies’ own funds). More than 10 000 SMEs and around 100 large and medium-sized companies are likely to benefit from the scheme.
In the EGF’s first six months (October 2020-April 2021), the EIB approved €11.7bn in EGF funding, which is expected to generate €93.9bn in investments across Europe. The UniCredit operation is the first time the EIB guarantee scheme has been used in Italy.
Since 2015, positive and effective collaboration between UniCredit and the EIB has led to the disbursement of over €4bn to businesses in Italy.