MILAN, Mar. 11 (Class Editori) - The antivirus plan allocated by Cassa Depositi e Prestiti has a worth of 7 billion. A financial effort only comparable to the one firstly suggested by the government for the save-business decree, which is now being studied by the Treasury technicians and should amount at 7.5 billion.
The focus of the initiatives, some of them already implemented and now strengthened, is on the SMEs. The ceiling of the financings issued at lower interest rates for SMEs and Mid-cap through the companies’ platform has increased from 1 to 3 billion. These resources will be needed to facilitate the access to credit, by supporting both investments and working capital needs.
Other 4 billion will be allocated to support export and internalization. In particular, SACE will make up to 1.5 billion of guarantees available, in order to facilitate the access to new liquidity, as well as 2 billion of insurance covers for new credit lines, in order to guide enterprises towards new markets, by supporting the purchase of Made in Italy goods and services. Other 500 million will be needed to ensure new operations by the SMEs towards areas which offer “a high demand potential for Italian products, such as Southern America, Africa and the Middle East”.
Also the subsidiaries in support of export will work together with banking institutions to offer moratorium interventions. The one of SACE will concern medium- and long-term financings up to 12 months, and can be extended to all the enterprises on the national territory which have directly or indirectly been damaged by the emergency. Meanwhile, SACE FCT, the factoring company of the Group, will grant an extension up to six months of the deferral terms, and the insured companies of SACE BT may rely on an extension of premium payment terms until April 30, as well as a postponement of 60 days in order to manage other fulfilments ensured in the policy. At the beginning of the crisis, CDP was already acting by adopting first measures, even though they were limited to the red zone of the first outbreaks in Lodi area and in Vo’, in the province of Padua. The measures consisted in delaying the payment instalments about to expire in 2020 and the outstanding mortgages taken out by the Municipalities of the area, with an outstanding debt of 1 billion. These rates may be paid in 10 years, starting from 2021, by providing 1 billion liquidity for enterprises.
“The group has been committing to following all the possible action lines to support enterprises”, as CDP CEO- Fabrizio Palermo- has stated, during the meeting at Farnesina regarding the 2020 Huge-scale plan of last March 3, which aims at relaunching the Made in Italy. The Treasury SpA, for example, is acting to launch the new Innovation National Fund. A support to growth has also been expected, with the launch of the Export Basket Bond (€500 million) in order to sustain the financing needs of exporting small and medium-sized enterprises and strengthen the guarantees in favour of foreign purchasers, by aiming at supporting Italian exports which are risking a collapse due to importers’ fears concerning the coronavirus spread in the country. There will be a major credit accessibility for the companies with supply chain agreements in the aerospace, agribusiness, defence and engineering fields.
(Source:Class Editori)
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