European funds for sustainable recovery projects in the Province of Trento

The Autonomous Province of Trento in Italy will receive €300 million financing from the European Investment Bank (EIB) to distribute loans to municipalities and public entities in need of funding for sustainable public investments and for economic recovery from the impact of the COVID-19 pandemic. The agreement was signed on 21 July 2020 and  €160 million in loans for eligible measures has already been provided. Cassa del Trentino, the institution for supporting economic development and infrastructure construction and management within the autonomous province, will be responsible for the assignation of resources among the different municipalities and public entities.

A wide range of projects and sectors will benefit from the finance, including sustainable transport, energy efficiency urban development projects, renewable energy as well as other climate change mitigation projects. These will be combined with other proposals that aim to alleviate the effects of the economic and social crisis caused by the pandemic and lay the groundwork for recovery while addressing the health and environmental impacts of transport options.

“Trentino has a long history of applying EU bank financing. I am therefore very proud that it is the first in Italy to use the resources we are making available to regions and provinces for sustainable investments and to drive the recovery of the economy, which was hit hard by the halt inactivity caused by the COVID-19 pandemic,” said EIB Vice-President Dario Scannapieco.

Loans can be provided with a maturity period of up to 20 years, with a four-year grace period. In addition, guarantees will be provided by both, the Province of Trento and the European Bank, with long maturities and favourable rates to loan beneficiaries.

Original article published by Intelligent Transport on 22 July 2020.