Banca Sistema and EIF to support Italian SMEs

January 24, 2022

Abstract : The European Investment Fund (EIF) will provide 150 million euros to the credit institution as guarantee within the European Guarantee Fund (EGF). The goal is to invest in companies for 500 million euros in three years through factoring operations with recourse

MILAN, Jan. 24 (Class Editori) — The European Investment Fund (EIF) and Banca Sistema announced today the signing of an agreement to support Italian SMEs. Thanks to this agreement, the EIF will provide a 150 million euros guarantee within the European Guarantee Fund (EGF) and Banca Sistema will be able to provide additional liquidity to private companies through factoring operations with recourse. The agreement is in line with the goals outlined in the credit institution's strategic plan for 2021-2023 and it "will allow to further expand the heterogeneity of the factoring customer portfolio by including Italian SMEs and private-to-private factoring operations for an estimated total value of 500 million euros in three years".

"SMEs are the driving force of the European economy and supporting them is one of the main priorities of the European Investment Bank (EIB) Group in order to overcome the economic crisis caused by the pandemic and promote projects for development and growth. From this perspective, the agreement signed with Banca Sistema will help to boost investment and the competitiveness of Italian companies", Gelsomina Vigliotti, Vice-President of the EIB, stated.

Alain Godard, CEO of the EIF, commented that, "thanks to this agreement with Banca Sistema and the EIF, Italian SMEs will be able to benefit from 150 million euros in order to overcome the economic crisis and promote their future investments". As stressed by Gianluca Garbi, CEO of Banca Sistema, "the signing of this agreement with the EIF is a source of great satisfaction because it will allow Banca Sistema, which is specialized in factoring to the public administration, to give further impetus to the activities of the factoring division by providing liquidity to Italian SMEs through the purchase of trade receivables also from private individuals, thus continuing to promote economic recovery and development of the country".

(Source:Class Editori)

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