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Washington D.C., April 21, 2015—IFC, a member of the World Bank Group, and the Cassa Depositi e Prestiti (CDP) will streamline lending procedures for joint investments to provide much-needed financing to private companies and boost growth and jobs in emerging markets.
CDP joins 25 other development finance institutions that have signed IFC’s master cooperation agreement. The agreement standardizes steps that lenders take when co-financing projects with IFC, reducing time and financing costs for lenders and borrowers. Since the master cooperation agreement was created in 2009, signatories have co-invested more than $3 billion with IFC to support private sector development globally.
"With this renewed cooperation, CDP will continue its efforts in supporting the development of Italian companies abroad," said CDP General Director Andrea Novelli. "Their projects will have a positive impact on economic growth and job creation."
IFC’s partnership with CDP complements a longstanding relationship with Italy, which includes business development with Italian companies investing in emerging markets, collaboration with Italian banks, and donor funded initiatives. As of June 2014, IFC’s committed portfolio with Italian sponsors amounted to $989 million, while Italian banks held approximately $839 million in IFC syndicated loans.
“CDP and IFC share the goal of supporting private sector investment that promotes sustainable growth and jobs,” said Georgina Baker, IFC Director, Syndicated Loans and Management. “As MCA partners we will be able to more efficiently work with Italian companies to encourage investment and knowledge flows to emerging markets.”
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org
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About CDP
CDP’s mission is to support long-term investments in Italy with a focus on infrastructure, investments on behalf of the state in public companies, as well as to act as a catalyst for economic development in the country. CDP is a joint-stock company majority owned by the Italian government with 80.1%, with Italian banks holding 18.4%, and the remaining 1.5% in treasury shares. CDP manages a major share of Italian savings, its main source of funding. CDP is a founding member of the Long-Term Investors' Club, which brings together long-term institutional investors globally with the objective to reinforce long-term investment as fundamental to international economic growth and financial stability. For more information, visit,
http://www.cdp.it
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