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EIB, Intesa Sanpaolo formalize €100m loan for Italy's green transition

Published 06/11/2023, 14:28
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The European Investment Bank (EIB) and Intesa Sanpaolo (OTC:ISNPY) have solidified a €100 million loan agreement aimed at expediting the green transition of Italy's public sector and publicly owned companies. This pioneering move by the EU Bank is expected to trigger €200 million in sustainable investments into projects like eco-friendly buses, water supply enhancements, and waste management systems. The funds may also be used to support initiatives within the Italian national recovery and resilience plan.

The agreement, signed by EIB Vice-President Gelsomina Vigliotti and Nicola Doninelli of Intesa Sanpaolo, offers favorable financing conditions for public bodies, including extended maturities and competitive rates. The partnership between EIB and Intesa Sanpaolo has led to 15 operations in the past five years, totaling nearly €2.4 billion. These operations have contributed to key infrastructure projects such as the Palermo-Catania railway and the Port of La Spezia upgrade.

Both Vigliotti and Doninelli highlighted the critical role these investments play in achieving climate neutrality and facilitating a low-emission economy transition. The partnership has also facilitated €4.5 billion in credit access for SMEs and mid-caps, demonstrating Intesa Sanpaolo's strong commitment to environmental, social, and governance (ESG) principles.

Over the period from 2019 to 2022, EIB provided over €45 billion for Italian projects. Intesa Sanpaolo's unique business model includes Isybank, its digital bank, and Gallerie d'Italia, its museum network. The bank has also committed to providing €115 billion in impact lending by 2025 for green transition and €500 million for social impact contributions, with an aim of achieving net zero emissions by 2030.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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