Credito Valtellinese Group and the European Investment Bank (EIB) set to finance SMEs
Milan, November 16 2005 - Credito Valtellinese Group and the European Investment Bank today signed an agreement which will allow Credito Valtellinese Group to obtain a 70 million euro line of credit to be used to back projects promoted by small and medium enterprises.
The funds, which will be disbursed via Gruppo Credito Valtellinese banks, are to be used to develop industrial and service projects promoted by small and medium enterprises whose main aim is to expand and consolidate said enterprises' competitiveness.
Attainment of this line of credit serves as acknowledgement of the group's role in promoting local economies, and the desire of both parties to offer real support to SMEs operating in the regions where the group is present, and especially to SMEs operating in Sicily. Indeed, part of the available funds will be used to back development projects and schemes in this region.
The start of placing of EIB funds will make it possible for the group to expand its already vast range of products and services, further strengthening its competitive positioning throughout Italy, and its role as the driving force in local economies inside its target areas.
Alberto Della Penna
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