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The EIB Group (comprising the European Investment Bank and the European Investment Fund) and Banco BPM join forces once again to support the working capital requirements and investments of Italian SMEs hit by the economic crisis caused by the pandemic. This is the first operation of this type in Italy and one of the first in Europe.

To this end, the European Investment Bank (EIB) and the European Investment Fund (EIF) will provide a guarantee of €91 million on a junior tranche of a synthetic securitisation operation of a portfolio of SME loans originated by Banco BPM. The Italian bank will thus be able to provide finance and liquidity to SMEs via subsidised loans totalling around €1 billion.

The operation covers the first loss of a synthetic securitisation structure via the European Guarantee Fund (EGF), an integral part of the €540 billion package of measures approved by the European Union in 2020 specifically dedicated to countering the economic difficulties and productive slowdowns caused by the pandemic.

This is the third synthetic securitisation operation between the EIB Group and Banco BPM backing Italian SMEs and mid-caps, the first of which was signed in June 2019 (€55 million) and the second in December 2020 (€76.6 million) to support SMEs affected by COVID-19.