Scannapieco (CDP) on the future of the EU budget: “Development banks are ready; let it be ambitious, predictable, and consistent”

Brussels – Strengthening the role of national development agencies in implementing financial instruments to support competitiveness and investment in the European Union. This was the focus of the speech by Dario Scannapieco, CEO of Cassa Depositi e Prestiti and President of the European Long-Term Investors Association (ELTI), during the Association’s first public event, which brings together the leading national development banks and European public financial institutions, held today (10 June) in Brussels. 

The meeting “The future Multiannual Financial Framework: Building a stronger Europe”, dedicated to discussing the future of the European Union’s budget, brought together European institutions, financial operators, and policymakers to discuss the next Multiannual Financial Framework (MFF), which sets out the EU’s priorities and resources for the next seven years, 2028–2034. The public event opened with a welcome address delivered on behalf of the European Commission’s Executive Vice-President for Prosperity and Industrial Strategy, Stéphane Séjourné, by Estelle Göger, Deputy Head of Cabinet at the European Commission, while the opening address was delivered by Kerstin Jorna, Director-General for the Internal Market, Industry, Entrepreneurship and SMEs (DG GROW), who emphasised the importance of strengthening the European single market and the industrial base to support long-term competitiveness. 

During the panel discussion on the role of banks and national development institutions, entitled “Long-term investors as key partners for implementation in the next multiannual financial framework”, Scannapieco focused in particular on the European Commission’s proposal for the EU’s next multiannual budget (2028–2034), which sets out an ambitious vision for Europe, with a strong emphasis on competitiveness, strategic autonomy, and the mobilisation of private investment. What emerges is that one of the proposal’s strengths is the recognition of the key role of banks and national development institutions, as already highlighted in the Draghi report, in line with the open architecture model tested with the InvestEU programme, and which will continue with a dedicated allocation of resources in the new European Competitiveness Fund. InvestEU is a key European programme for supporting the Union’s investment capacity, mobilising private capital across strategic areas, from sustainable and social infrastructure to research, innovation, digitalisation, and small and medium-sized enterprises. 

“Banks and national development institutions,” said Scannapieco, “are ready to act as long-term partners of the European Commission, as has already been demonstrated within the InvestEU framework. However, to operate at scale, a framework is needed that is not only ambitious but also ensures the predictability and operational continuity of InvestEU, while maintaining an architecture open to institutions with a public mission that have passed the European Commission’s so-called “pillar assessment”. At the same time, the effectiveness of these instruments depends on the ability to adapt European priorities to the specific characteristics of local areas,” he noted. “Thanks to their direct knowledge of local economies, national banks and development institutions act as a bridge between the Union’s objectives and the national needs of citizens, businesses, and public administrations. In this context, CDP’s experience demonstrates how European instruments can be used to mobilise investment in concrete, high-impact projects, including in areas such as social housing, helping to reduce regional disparities and respond in a targeted manner to local needs,” Scannapieco added. 

Speakers included, alongside Scannapieco, Catherine Mayenobe, Deputy Chief Executive of the Caisse des Dépôts et Consignations Group; Alison Micallef, CEO of the Malta Development Bank; and André Küüsvek, CEO of the Nordic Investment Bank, moderated by Cinzia Alcidi, senior researcher and head of the Economic Policy Unit and the Labour and Skills Unit at CEPS.

Participants emphasised the importance of strengthening the role of National Investment Institutes (NIIs) in delivering EU investments, improving coordination between European and national instruments, and stepping up support for SMEs, innovation, and the green and digital transitions. 

The second panel, “A robust Multiannual Financial Framework (MFF) for a more competitive and sovereign Europe”, examined how the next EU budget can best support Europe’s long-term strategic objectives. The panel consisted of Sotia Hajispyrou, MFF Officer at the Permanent Representation of the Republic of Cyprus to the EU; Nicolas Dufourcq, Chief Executive Officer of Bpifrance; Ismini Papakirillou, CEO of the Hellenic Development Bank; and Miguel Alves, Chief Financial Officer of Banco Português de Fomento. The session, moderated by Zsolt Darvas of the Bruegel think tank, highlighted the need for a more efficient and coherent use of EU funding instruments, greater simplification of implementation frameworks, and stronger alignment of the Multiannual Financial Framework with the objectives of competitiveness, industrial strategy, and cohesion. Here, participants reiterated the importance of close collaboration between European institutions and national development banks and institutions in the design and implementation of future investment frameworks. The discussions highlighted a broad consensus that the next Multiannual Financial Framework (MFF) will be a key instrument for promoting Europe’s strategic priorities, including competitiveness, industrial transformation, and economic resilience in an ever-changing global context.

CDP’s role in implementing European programmes

In recent years, the Cassa Depositi e Prestiti Group has established itself as one of Italy’s leading implementers of European programmes, operating across all the Commission’s management modes—direct, indirect, and shared—thanks to its well-established collaboration with European institutions and national stakeholders. In this context, CDP helps promote strategic investment in the country by encouraging the combination of its own resources and non-repayable European funds, and by supporting project promoters during the application and project structuring phases. One example is the Connecting Europe Facility (CEF) programme in the transport sector, where CDP, as an executive partner of the European Commission, has contributed to the allocation of over €240 million in grants to 14 project promoters, supporting the development of infrastructure for alternative fuels through the installation of nearly 11,000 electric charging points across 23 EU countries. 

Furthermore, within the InvestEU framework, the CDP Group ranks as the European Commission’s second-largest executive partner after the EIB Group, with approximately €1.3 billion in guarantees under management. Of these, around €1 billion has already been approved and over €700 million has already been contracted, triggering financing and investment operations worth around €1.2 billion in strategic sectors such as innovation, business digitalisation, infrastructure, and social housing. Among the most significant initiatives are the construction of the new University of Milan campus in the MIND district, investments in the National Housing Fund for affordable housing, and projects in areas such as the water cycle, rail interconnections, and support for start-ups through CDP Venture Capital.

Finally, alongside its financial activities, CDP also acts as an advisory partner to the European Commission, managing resources for technical assistance to the public administration and supporting the development of bankable projects. To date, around 170 assignments have been launched on behalf of over 70 public bodies, helping to mobilise around €28 billion in investment. In this context, CDP’s added value lies in its ability to support project promoters throughout all stages of project development, creating an effective mix of financial instruments—including grants, loans, guarantees and equity—and strengthening their eligibility and bankability.