Italy: EIB lends €150 million to ICSC for the construction and upgrading of sports and cultural infrastructure

This article is published in association with European Investment Bank.

• The investments concern the construction and upgrading of publicly-owned sports and cultural infrastructure, with benefits in terms of urban regeneration, social inclusion and environmental sustainability
• This is the fourth agreement between the EIB and ICSC making a total of €500 million for local and regional authorities investing in sport and culture

The European Investment Bank (EIB) has granted a €150 million loan to Istituto per il Credito Sportivo e Culturale (ICSC), the Italian development bank that promotes the country’s sustainable and inclusive development through financial support to the sports and cultural sectors. The agreement was signed today in Rome by EIB Director General of Operations Jean-Christophe Laloux and CEO of ICSC Antonella Baldino, in the presence of EIB Vice-President Gelsomina Vigliotti.

The EIB funding will help finance projects – up to €40 million per project – dedicated to the construction of new sports and cultural facilities, upgrading of existing facilities, and to operations promoting sustainable urban mobility, such as the creation of new cycle paths. All operations will concern public property with unrestricted access, and final beneficiaries will be local and regional authorities, in particular municipalities.

“This partnership between the EIB and ICSC plays a key role by placing sport and culture at the heart of strategies designed to promote social inclusion and urban regeneration at local and regional level. This new agreement reinforces our joint commitment to communities in Italy by promoting projects combining environmental sustainability, social cohesion and economic development,” said EIB Director General of Operations Jean-Christophe Laloux.

“This new agreement with the EIB is another step forward in supporting the country’s sustainable and inclusive growth through sport and culture. The EIB funding will enable local and regional authorities to invest in the construction and upgrading of modern, accessible and efficient public amenities, with tangible return in terms of urban regeneration, social cohesion and economic development. This direct commitment to multiplying the social return on investment will create more opportunities for young people, foster greater inclusion, reduce inequalities and will make a key contribution to the green transition,” said CEO of Istituto per il Credito Sportivo e Culturale Antonella Baldino.

This new agreement between the EIB and ICSC consolidates a positive partnership that contributes significantly to the sustainable modernisation of social infrastructure in Italy.

Thanks to the EIB’s previous financing worth €350 million, more than 1 100 projects have been carried out to upgrade sports and cultural facilities throughout Italy, with a particular focus on the south of the country, in line with the regional rebalancing objectives laid down in the financing conditions.

These operations, designed to improve energy efficiency, accessibility and sustainable mobility, have had a major social impact, with an average SROI (Social Return on Investment) value of 3.5x: for every euro invested, the community has benefited to the tune of €3.50 in terms of enhanced quality of life, employment growth, energy savings and increased participation in sports and cultural activities.