ANNOUNCEMENT 06 Aug 2020

In August 2020, the European Investment Bank (EIB) and Credit Agricole signed a EUR 200 million (approx. USD 237.5 million) loan to support SMEs and mid-caps in Italy in the context of the COVID-19 pandemic.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

European Investment Bank. Financed Projects. CA ITALIA COVID-19 LOAN FOR SMES AND MIDCAPS. 06/08/2020. Available at: https://www.eib.org/en/projects/loans/all/20200280

European Investment Bank. Projects to be financed. CA ITALIA COVID-19 LOAN FOR SMES AND MIDCAPS. 14/05/2020. Available at: https://www.eib.org/en/projects/pipelines/all/20200280

Crédit Agricole Italia. Chi siamo. Available: https://www.credit-agricole.it/pages/credit-agricole-italia-una-storia-lunga-150-anni

Inception date: 06 Aug 2020 | Removal date: open ended

State loan

On 6 August 2020, the European Investment Bank (EIB) and Credit Agricole signed a EUR 200 million (approx. USD 237.5 million) loan in order to provide a funding line to SMEs and mid-caps in Italy that have been negatively affected by the COVID-19 pandemic.

The measure aims to enhance access to finance to the target beneficiaries affected by the economic crisis originated by the pandemic. It is provided under the “EU Programme Loan Response to the COVID-19 crisis for SMEs and Mid-caps” approved in April 2020. There are no restrictions in terms of the economic sector, as long as the final beneficiaries comply with relevant national and EU legislation (particularly in terms of SMEs and mid-caps classification).

Crédit Agricole has been present in Italy for over 40 years. Its development was subsequently consolidated with the commercial bank, consumer credit, corporate and investment banking, asset management, the insurance sector, and other services dedicated to private banking. According to its website, it currently serves 4 million Italian customers, providing EUR 793 million funds to the Italian economy.

A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the financing support granted here is discriminatory.

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