MILAN, May 6 (Class Editori) – It may not be Cassa Depositi e Prestiti, but a private fund, the partner of the China Investment Corporation (CIC) to esablish the new joint investment announced during the second Belt and Road Forum.
In the list of 282 projects launched at the end of April in Beijing, a China-Italy Industrial Fund was appointed by the Chinese sovereign fund in collaboration with an Italian counterpart.
The subject immediately indicated as a possible counterpart was the CDP led by Fabrizio Palermo and chaired by Massimo Tononi. Moreover, the Treasury Spa, 16% owned by banking foundations, has long been at the forefront in the relations with the People's Republic of China. Cassa is awaiting Chinese authorization for the issuance of its first Panda bond – ie bonds denominated in yuan to be placed with Chinese investors whose funding will be used to finance the internationalization of small and medium-sized Italian companies in China. Furthermore, together with the Silk Road Fund and Snam it seizes opportunities for collaboration in third countries.
The idea that CDP could be a partner of CIC has been circulating for some months already. Already in January, discussions were held of a new investment fund with an allocation of 1 billion euros for the financing of investments of Italian companies in the Chinese market. According to sources, the management of the fund should have gone to Italians, then to an organization formed by the CDP and banks, while CIC – the Chinese sovereign fund, second in the world for assets, 941 billion dollars – would be a pure financial investor.
However, the project does not seem to involve Cassa Depositi e Prestiti. In fact, the dossier would not be among those examined by that company. On the contrary, according to what appears to classxhsilkroad.it, the counterpart is private. The identikit is that of a private equity fund, with a strong vocation for industrial operations. However, the scheme provides that it is always the Italian side that manages the investment.
(Source:Class Editori)
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