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NRRP: The Farnesina fulfills the goal

The Ministry of Foreign Affairs and International Cooperation is among the first national institutions to fulfil the objective set by the National Recovery and Resilience Plan (NRRP). The Farnesina is the recipient of the M1C2I5 measure of the NRRP, “Refinancing and redefining Fund 394/81 managed by SIMEST” – a revolving fund designed to grant subsidized loans to Italian companies operating in foreign markets – with a view to supporting  at least 4,000 SME exporters by 31 December, 2021.

To this end, in September 2021, the 394/81 Fund was refinanced by allocating 1.2 billion euros, of which 800 million euros were earmarked for subsidized loans and 400 million euros for non-repayable grants. The resources are intended to support digitization, innovation and sustainability of Italian SMEs, their participation in international fairs and exhibitions and e-commerce, as well as to enhance their competitiveness and presence in international markets. The portal where to submit applications for funding opened on 28 October.

The Fund offers very favorable terms to businesses headquartered in the South of Italy, which can benefit from a non-repayable share of up to 40% compared to a 25% share envisaged for companies based in other regions. 40%  of the overall facility’s  resources was reserved for these businesses, the so-called “Riserva Sud”.

On 29 December, 2021, the Interministerial Committee managing the Fund, chaired by the Director General of the Department for Cultural and Economic Promotion, and Innovation, approved the financing of 5,224 SMEs for a total value of around 753 million euros, thus fulfilling the NRRP goal within the timeframe set.

Approximately 450 million euros are still available for interested companies, which can submit their requests until 31 May, 2022 through the SIMEST portal.

For further information: www.simest.it/finanziamenti-pnrr/finanziamenti-agevolati-pnrr-nextgenerationeu