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We work to facilitate access to credit for the agricultural and agrifood industries by providing guarantees to financial institutions that lend to SMEs, small mid-caps, and agricultural concerns in the sector.
CDP, the EIF and 8 Italian Regions have signed an agreement for a new multi-regional guarantee platform to facilitate access to credit for SMEs in the agricultural and agrifood industries.
AGRI is a risk-sharing platform designed to optimise the use of European Structural and Investment Funds, building on the direct experience of the European Investment Plan (Juncker Plan).
In practice, the Regions participating in the initiative contribute their share of structural funds to guarantee 50% of the first tranche of losses on new bank loan portfolios at the regional level. Guarantees covering 50% of the more senior tranche are provided by CDP, the European Investment Bank (EIB) and the Istituto di Servizi per il Mercato Agricolo Alimentare (ISMEA). The residual risk is covered by the financing banks.
On the guaranteed portion, banks enjoy a “zero weighting” benefit for which they are not required to commit capital for loans to the beneficiaries. A virtuous mechanism is created in this way, which benefits enterprises by improving their credit rating and their ability to access credit. Given that regional funding is provided at no charge, the overall cost of the guarantee is highly competitive.
The first Regions to confirm their participation in the initiative are: Veneto, Piedmont, Tuscany, Umbria, Campania, Puglia, Friuli Venezia Giulia, and Calabria.
CDP and the EIF together have provided € 315 million for the initiative, added to which are ISMEA and EIB funds. Through the involvement of additional regions, the objective is to reach €800 million in new loans to the agricultural and agrifood sectors.