The European Investment Bank finances the reconstruction of the Ischia region hit by the earthquake and landslides with one billion euros

BRUSSELS – The European Investment Bank (EIB) said it will provide €1 billion to finance the reconstruction of public and private buildings in Ischia, which was badly damaged by the 2017 earthquake and 2022 landslide. The first tranche of €150 million was signed today at the Ministry of Economy and Finance.

In detail, the EIB loan will go to the European Investment Fund and will help finance the operations of the Commissioner's Office in the most affected areas of the island. Specifically, the municipalities of Casamicciola Terme, Forio, and Lacco Ameno. Following in the footsteps of what has already been done for post-earthquake reconstruction in areas of central Italy affected by the 2016 and 2017 earthquakes, for which the European Investment Bank has allocated €4.75 billion to Rome.

These funds will help finance the renovation of private residential and non-residential buildings, schools, public buildings, water infrastructure, and roads. According to the plan signed at the Ministry of Economy, all buildings that will be rehabilitated with European Investment Bank resources will adhere to the highest energy efficiency standards. In addition, in order to enhance climate change adaptation and combat hydrogeological instability, the funding will go to slope support operations, restoring the hydraulic connectivity of river courses, and building new structures to mitigate remaining risks.

Thanks to better borrowing conditions on international markets in terms of interest rates enjoyed by the European Investment Bank, the Italian state expects to achieve significant savings over the 25-year financing period. “This agreement confirms the EIB’s role as a key financial and technical partner for Italy in confronting the challenges posed by climate change and natural disasters,” said Gelsomina Vigliotti, Vice-President of the European Investment Bank. “The EIB loan was made possible thanks to the free technical assistance provided to the Commissioner’s Office, which identified key areas of intervention to strengthen Ischia’s resilience to future extreme climate events, ensuring a safer future and a more sustainable island for its inhabitants,” added Vigliotti. .

Giovanni Legnini, Extraordinary Commissioner for Reconstruction of Ischia appointed by the government in 2022, also expressed his satisfaction with the contribution “of decisive importance, both in financial terms and in terms of advisory support provided so far.” The former Deputy President of the Supreme Judicial Council expressed his hope that “the contract signed today will be gradually funded from the government budget.”

English version of Withub's translation service

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