€165 million to support gender equality, refugee inclusion and development in southern Italy

European Investment Bank (EIB) and Banca Etica have signed a €60 million agreement with the main goals of promoting labour market integration and better services for refugees, making it easier for women-led companies to access finance and supporting projects in cohesion regions. The operation is expected to help stimulate €165 million of investment in the real economy, creating a lasting positive impact on society.

The agreement is split into three sections aiming to support the same number of priorities. The first is that at least 30% of the EIB funds will go to women-led small and medium-sized enterprises (SMEs). This operation aims to narrow the gender gap, making it easier for women entrepreneurs to access finance and help for growing their businesses.

The second section states that at least 30% of the funds will be allocated to projects aiming to improve infrastructure and social services for refugees and helping refugees to enter the labour market. The goal is to create better living conditions and foster the economic empowerment of refugees via investment in housing, education and vocational training.

The third and final section states that at least 30% of the resources will go to SME projects in cohesion regions, helping to strengthen the economy and society, create job opportunities and reduce regional disparities.

The EIB will also provide free technical assistance under the Social Inclusive Finance Technical Assistance (SIFTA) programme. This is being financed by the InvestEU Advisory Hub and will help Banca Etica to allocate resources to women-led SMEs, refugee services and businesses operating in cohesion regions. Launched in 2022, the SIFTA programme has supported around 60 microfinance and credit institutions investing in high social impact companies in over 20 EU countries, helping with investment preparation, portfolio analysis and the creation of a pipeline of operations.