Giovedì, 18 Ottobre 2018
ROME

Italy state finance arm to invest up to 95 bn euros in 3 yrs

English
© ANSA

Rome, August 1 - The savings and finance arm of the
Italian state, Cassa Depositi e Prestiti (CDP), will plough up
to 80 billion euros - the equivalent of nearly 5% of Italian
economy - into public sector investments over the three-year
period 2013-1015, according to the CDP's new industrial plan
guidelines, the institution announced on Thursday.
The CDP said it may also invest up to 15 billion euros -
for a total of 95 billion - in investments targeted at expanding
the CDP's range of activities, adding roughly 2% to the gross
national product per year, or 6% over three years.
''In a challenging macroeconomic environment and with a
contraction in the supply of credit from the financial system,
the CDP Group will continue to play its counter-cyclical role as
a long-term investor, using the private-sector resources it
raises - first and foremost the funds from postal savings - to
focus its action on the 'healthy drivers' of economic
development,'' the CDP said in a statement.
Those ''healthy drivers'' include supporting investment by
''public administrations; financing 'smart' infrastructure;
supporting enterprises and exports,'' the CDP said.
The institution also plans to focus on development in
southern Italy, in energy networks and other strategic assets,
as well as the international development of Italian
small-to-medium and strategic businesses.
Over the three-year period 2011-2013, the CDP will have
mobilized resources worth 57 billion euros, or 14 billion euros
more than originally planned, the institution said.
The CDP noted two major efforts in which it is acting as
primary operator: paying off public debts to the private sector
and generating innovative real estate solutions to social
housing.
On Wednesday the Italian Senate approved the allocation of
an additional 20 to 25 billion euros to pay overdue bills owed
by the public sector to private businesses, to be paid through
State-backed promissory notes redeemable from a fund at the CDP.
The sum is in addition to the 40 billion euros already
allocated to settle languishing supplier invoices in hopes of
giving a much-needed boost to the country's recession-hit
businesses.
The Bank of Italy reckons the Italian public administration
owes an estimated total of 90 billion euros to private
suppliers.
The CDP is a financial corporation that is 70% owned by the
State and 30% owned by Italy's 65 non-profit banking
foundations.
It has acted as a public sector bank since servicing
Piedmont's Savoy dynasty in the second half of the 1800's, and
became a major national institution after the unification of
Italy in 1865.
A major source of the CDP's funds come from financial
products of the Italian postal system, which has performed
banking functions since 1875.

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