The European Investment Bank (EIB) opened a 200 million-euro credit line as a concrete gesture toward the earthquake devastated companies and communities of Emilia-Romagna. The loans will be disbursed through domestic banks in the region that were party to an agreement signed in June between Emilia-Romagna, Confindustria and the city administrations of Bologna, Ferrara, Modena and Reggio Emilia, and also through credit agencies well-established in the region. Initial credit lines have already been stipulated between the EIB and the following Italian banks: BPER (40 million), Intesa Sanpaolo (50 million) and Centrobanca-Gruppo Ubi Banca (25 million), for a total of 115 million euro.
Loans to local concerns
The loans will be made for projects presented by local bodies and businesses of any size located in the earthquake struck area, and the funds can be used for any purpose for which the EIB traditionally provides financing.