Of the total funding, about €100m will be provided to finance renewable energy and energy efficiency projects in the country, through Mediocredito Italiano and Leasint, companies belonging to the Intesa Sanpaolo.

EIB will finance €65m for energy efficiency operations in schools and buildings owned by municipalities in the Province of Milan, including the city of Milan and the Province of Monza and Brianza, as well as €60m for small and medium-sized projects involving environmental protection and sustainable communities promoted by local authorities and other public or private sector bodies.

Commenting on the agreements, Intesa Sanpaolo CEO Enrico Cucchiani said that the firm will now able to provide a significant financial contribution to the recovery of the economic cycle in the country’s businesses, through the new agreements.

"Intesa Sanpaolo is therefore continuing, via specific actions that target maximum impact, to provide support to those sectors that are crucial to spur innovation in our country," added Cucchiani.

Meanwhile, the Bank will also provide approximately €400m for small and medium-sized enterprises, €20m in loans to students enrolled in EU universities and €16m for social housing units in the Municipality of Parma, under the agreements.