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Cassa depositi e prestiti (CDP) is a joint-stock company under public control: the Italian State owns 70% while the remaining 30% is held by a group of bank foundations.
For 160 years CDP has pursued a public interest mission: financing the development of the country. It continues to pursue this mission, deploying financial resources for public investments, infrastructure projects for the delivery of public services, large-scale public works of national interest and other public-interest projects.
The main source of CDP’s funding is postal savings. CDP issues postal savings bonds and offers passbook savings accounts, which are directly guaranteed by the Italian State. With this funding:
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CDP provides public financing. Using “specific-purpose” loans, it directly finances investments by the State, local authorities and other public entities. This activity represents a “general economic interest” service and is therefore conducted within a framework ensuring full transparency, accessibility and uniform treatment;
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CDP also collaborates with the banking system in the delivery of public incentives to businesses and strategically-important works. Using revolving funds, it grants long-term loans with concessionary interest rates to enterprises operating in certain sectors (strategic infrastructure, agriculture) and for corporate investments in technological innovation and scientific research;
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CDP may also support SMEs by providing funding to banks for use in this segment, as well as by financing infrastructure and other operations in support of the economy in general. CDP funds this activity through postal savings, with no impact on the government budget. To be eligible for support, the projects must: 1) be in the public interest; 2) be “promoted” by public entities; 3) have a sufficiently strong level of creditworthiness; 4) be economically and financially sustainable. Outside these four restrictions, CDP may also operate using funds that are not guaranteed by the State and provide finance – together with the banks – to companies for investments intended to deliver public services.
Finally, CDP also contributes to financial stability and European development by working in partnership with other long-term European investors, such as the EIB, France’s Caisse des Dépôts and Germany’s Kreditanstalt fur Wiederaufbau.
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