The European Investment Bank recently signed three new loan agreements with UniCredit Group worth approximately $976 million in an effort to inject fresh resources into Italy's economy.
The EIB is offering three types of loans, including one dedicated to small and medium-sized businesses, another to create new jobs for young people and a third meant to design projects to fight and prevent damage caused by natural disasters.
The loan targeted at youth employment is part of the EIB's Jobs for Youth program, which was launched by the EIB in June. The program fosters the creation of new jobs for people aged 15-29.
"Our long-standing cooperation with UniCredit is being reinforced by these operations, which are all aimed at channelling new funds into Italy's economy at a time when the green shoots of recovery are beginning to appear," Dario Scannapieco, the vice president of EIB, said. "I wish to stress the importance of these loans to firms employing or training young people and to startups: only investment can combat the growing scourge of youth unemployment."
The small and medium-sized enterprises loan will provide $556 million to Italian SMEs on favorable items that may be new or underway and not yet completed.
The third line of credit is for funding the repair of infrastructure that was damaged in natural disasters. It may also contribute to anti-earthquake and hydrogeological rehabilitation in Italy.
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