Brussels – The European Investment Bank to the rescue of Italian pharmacies. The European Institute is providing €100 million for Banca Ifis, doubling the total to €200 million, which will be used to facilitate access to financing for retail outlets, support female entrepreneurship, and promote regional cohesion.
The joint announcement by the EIB and Banca Ifis, dated 25 July, greets the signing of a 200 million agreement (half of which will be provided by each institution) “to support the development of pharmacies in Italy, with a particular focus on female entrepreneurs and cohesion regions.” This was announced by the vice-presidents of the two banks, Gelsomina Viglitotti and Rosalba Benedetto, respectively.
For Vigliotti, this represents “a further step towards a more inclusive, dynamic and sustainable economy” that will ultimately foster “growth, innovation and social cohesion.” Benedetto emphasises how the agreement will maintain “the closeness to Italian small and medium-sized enterprises and the commitment to support gender equality and female entrepreneurship.”
The EIB is making EUR 100 million available to Banca Ifis, divided into two contracts of EUR 50 million each, intended to establish credit lines with advantageous interest rates. Banca Ifis doubles the credit available for Italian pharmacies by adding another 100 million. The new resources will be available through Credifarma, a financial institution controlled by Banca Ifis and dedicated to supporting the sector.
At least 30 per cent of the total resources, i.e. at least 60 million, will have to be earmarked for female entrepreneurship, i.e. establishments in which at least 51 per cent of the share capital is held by women, those in which the technical management is entrusted to a woman, or in which inclusive policies are adopted to promote female employment. Special attention will also be paid to pharmacies located in regions benefiting from European cohesion funds.
Today’s is the sixth agreement signed by the EIB and Banca Ifis since 2019. Over the past six years, the two institutions have made over €800 million available to Italian SMEs.
English version by the Translation Service of Withub
