Connect with us

EU

#JunckerPlan - €300 million for Italian SMEs in creative and cultural sectors

SHARE:

Published

8 years ago

on

We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. You can unsubscribe at any time.


The European Investment Fund (EIF) and Italy's national promotional institution Cassa Depositi e Prestiti (CDP) have signed an agreement under the Cultural and Creative Sectors Guarantee Facility of the EU's Creative Europe Programme with the aim of generating €300 million in new financing for around 3,500 SMEs in the cultural and creative sectors in Italy. The agreement is supported by the EU budget under the Juncker Plan's European Fund for Strategic Investments (EFSI). Access to finance in the creative and cultural sectors can be difficult to obtain, primarily due to the intangible nature of their assets and collateral, the limited size of the market, demand uncertainty, and lack of financial intermediary expertise in addressing sector specificities. Mariya Gabriel, Commissioner for Digital Economy and Society, and Tibor Navracsics, Commissioner for Education, Culture, Youth and Sport, said: "Culture and the creative sectors build bridges between art, business and technology. They are a catalyst for innovation and foster risk-taking attitudes, which are key in building resilience. Helping these companies scale up and stimulate creativity is high on the European Commission's agenda. This guarantee agreement helps to bridge the financing gap faced by these sectors and will have important economic and social benefits." A press release can be found here.

Share this article:

Share this:
Related Topics:
EU Reporter publishes articles from a variety of outside sources which express a wide range of viewpoints. The positions taken in these articles are not necessarily those of EU Reporter. Please see EU Reporter’s full Terms and Conditions of publication for more information EU Reporter embraces artificial intelligence as a tool to enhance journalistic quality, efficiency, and accessibility, while maintaining strict human editorial oversight, ethical standards, and transparency in all AI-assisted content. Please see EU Reporter’s full A.I. Policy for more information.
Advertisement

Trending