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Investment plan for Europe supports new fund to finance small and medium-sized businesses in Italy

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The European Investment Fund (EIF) invests €30 million the new Magellano fund managed by asset manager ART SGR. The EIF contribution is backed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. With an overall target size of €200m, the Magellano fund has now reached its first closing at €75m. The fund, through direct lending to small and medium-sized businesses (SMEs), represents an alternative financing instrument, particularly in the context of the COVID-19 crisis and its impact on the liquidity of businesses.

Economy Commissioner Paolo Gentiloni said: “I welcome this financial agreement between the EIF and ART SGR, which is backed by the Investment Plan for Europe's SME programme. The new Magellano fund will provide an alternative source of financing for small and medium-sized Italian businesses, affected by the COVID-19 crisis. This is great news for the Italian entrepreneurial world, which will benefit from this agreement to boost its activities and its recovery from the crisis.”

The Investment Plan for Europe has so far mobilized €546.5 billion of investment, benefitting over 1.4 million SMEs. In Italy, the total financing under EFSI so far amounts to €13.3bn and is set to trigger €77bn in additional investments. The press release is available here.

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