BAKU, Azerbaijan, December 20. The European Investment Bank (EIB) has approved financing worth €250 million to support businesses in Lombardy, with at least 50 million euros dedicated to projects combating climate change, TurkicWorld reports.
The agreement, made in collaboration with the Lombardy Region and Finlombarda, includes an initial tranche of 150 million euros signed recently.
Finlombarda, the financial institution of the Lombardy Region, will contribute additional resources, bringing the total available funding to 500 million euros. The funds are aimed at small and medium-sized enterprises (SMEs) with up to 250 employees and mid-cap companies with up to 3,000 employees in the region. Beneficiaries will have access to competitive interest rates and long-term financing, with 20% of the funding earmarked for green projects such as renewable energy production and energy efficiency initiatives.
EIB Vice-President Gelsomina Vigliotti emphasized the importance of this collaboration, stating: "The partnership between the EIB, the Lombardy Region, and Finlombarda is crucial for fostering innovation, competitiveness, and resilience among Lombardy-based businesses. This joint effort supports job creation and generates significant economic benefits while promoting a transition to a low-carbon economy."
Marco Alparone, Vice-President and Minister of Finance for the Lombardy Region, remarked: "This agreement represents a key step in sustaining and enhancing the competitiveness of Lombardy businesses. It aligns with our strategic commitment to encouraging innovative investments, particularly those advancing environmental transition, and supporting sustainable economic growth."
Finlombarda President Andrea Mascetti added: "This EIB funding allows Finlombarda to address the diverse credit needs of the region effectively, supporting the objectives of regional planning and fulfilling its institutional mission."
The agreement also includes a technical advisory initiative under the "Green Gateway" program to boost investments in environmental sustainability.
