CDP EMILIA EARTHQUAKE RECOVERY PLAN II FL

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On 20 and 29 May 2012, the Italian regions of Emilia Romagna, Lombardia and Veneto were affected by two strong seismic events with a magnitude, respectively, of 5.9 and 5.8 on the Richter scale. The Emilia Romagna region suffered the worst impact with 54 municipalities affected, in addition to the three provincial capitals of Modena, Reggio Emilia and Bologna. The seismic events resulted in severe damage to local public and private property, particularly housing, industrial, agricultural and agro-industrial activities, public buildings and essential infrastructure.<br/><br/>The project is a follow-up of a previous EIB operation: the global loan CDP EMILIA EARTHQUAKE RECOVERY GL (2012-0474) which was calibrated only on SMEs. This second operation will have an enlarged scope targeting urban/architectural reconstruction of private residential buildings/houses. As in the previous operation, the borrower will be CDP (Cassa Depositi e Prestiti) that will act as a financial intermediary in the concession of soft loans to eligible beneficiaries. The promoter is the Emilia Romagna region and the final beneficiaries are private households and enterprises. Final beneficiaries will have to comply with the eligibility rules and procedures established by the Emilia Romagna region as far as the verification of the damages and losses and the corresponding eligible amount are concerned.