EIB Approves €2 Billion Financing for Earthquake Reconstruction in Central Italy

The European Investment Bank (EIB) is further bolstering its commitment to reconstruction and safety work in the central Italian regions hit by the 2016 and 2017 earthquakes, with the approval of a new €2 billion financing package.

The project agreement, which ensures these additional funds will reach the intended beneficiaries in compliance with the EIB's sustainability and safety criteria, was signed today in Rome by Extraordinary Government Commissioner for Post-2016 Earthquake Reconstruction Guido Castelli and EIB Director General of Operations Jean-Christophe Laloux.

This new financial package sets the stage for a potential €1 billion financing contract between the Ministry of Economy and Finance (MEF) and the EIB to support the reconstruction and repair of public assets. Additionally, there is a €1 billion agreement between the EIB and Cassa Depositi e Prestiti (CDP) to finance the reconstruction of private, residential, and industrial buildings through the banking system.

With this €2 billion package, the EIB's total support for reconstruction in the regions of Abruzzo, Lazio, Marche, and Umbria will reach €4.75 billion, almost 15% of the €27 billion estimated by the government to be needed for reconstruction.

“The support provided to the Central Apennines region of Italy via the signature of this agreement is a major step forward in the reconstruction and renewal of the area,” said Extraordinary Commissioner for the 2016 Earthquake Guido Castelli. “Past support from the EIB shows the closeness and spirit of cooperation that unite the EU institutions and Italy, resulting in concrete policies to redevelop the central regions safely and sustainably. This spirit of cooperation also defines the partnership between the commissioner's office and Cassa Depositi e Prestiti, which has managed the central Italian earthquake fund for private reconstruction. Disbursements from this fund increased by 16.64% in the first six months of 2024 compared to the same period in 2023, and by 41.71% compared to the amount recorded in 2022. We aim to continue increasing this amount with actions including the use of this new financial package.”

“We are pleased to further expand our support for the communities affected by the earthquakes, enabling them to rebuild safely and sustainably while also improving the quality of infrastructure and the services provided,” said EIB Director General of Operations Jean-Christophe Laloux.