Bloomberg News

Italy’s CDP to Use $24.5 Billion Loan to Back Economy, Sole Says

July 15, 2012

Italy’s state-owned lender Cassa Depositi e Prestiti SpA will use a 20 billion-euro ($24.5 billion) loan obtained by the European Central Bank to support the country’s economy, Chairman Franco Bassanini told Il Sole 24 Ore in an interview.

The lender used the ECB’s long-term financing operation earlier this year to obtain the loan at a rate of 1 percent, Bassanini was cited as saying in the interview. The CDP will use the money to fund infrastructure projects and back small and medium-size companies, Bassanini also said, according to Sole.

To contact the reporter on this story: Lorenzo Totaro in Rome at ltotaro@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net


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