ANNOUNCEMENT 20 Oct 2012In October 2012, the government of Italy announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
Law Decree 179/2012: http://www.promopa.it/images/documenti/dl_179_2012.pdf
Ministry of Economic Development, News: http://www.sviluppoeconomico.gov.it/index.php?option=com_content&view=article&viewType=1&idarea1=593&idarea2=0&idarea3=0&idarea4=0&andor=AND§ionid=0&andorcat=AND&partebassaType=0&idareaCalendario1=0&MvediT=1&showMenu=1&showCat=1&showArchiveNewsBotton=0&idmenu=2263&id=2025061
Ministry of Economic Development, committee fo Startup Fund: http://www.sviluppoeconomico.gov.it/images/stories/impresa/fondo_startup/Delibera_1_2012_%20CIC.pdf
On 20 October 2012, the decree "additional measures for the growth of the country" entered into force. The decree mainly simplifies bureaucratic procedures (via digitalisation) and provides incentives for innovation.
Among others, a start-up fund was created to favour the initiation of international projects of SMEs. The new instrument is created as an equity-participated fund; that is, SMEs are not entitled to any form of loan or insurance on their capital. They can instead request that the fund provides capital via equity participation.
SMEs can only apply to the new instrument, if their head office is in Italy and if they wish to support projects realised outside the EU. The fund provided cannot exceed 49% of the capital share of the sponsored enterprise.