Cassa Depositi e Prestiti Spa (CDP) is the Italian National Promotional Institution which provides financing services for investments in the country and is owned mainly by the Italian Ministry of Economy and Finance.

In November 2017, CDP issued its first Social Bond. The net proceeds of the Social Bond will support Italian employment and Italian economic growth by originating loans to Italian SMEs in areas affected by natural disasters or economically under-performing across the rest of the country.

According to Eurostat data, the Italian industrial sector is mainly comprised of micro, small and medium-sized enterprises (MSMEs), representing 99% of total companies. These companies contribute to 67% of total value added and employ 79% of the total workforce. Given their key role in supporting economic growth against the backdrop of the high unemployment rate in Italy, supporting SMEs is of paramount importance.[1]

CDP believes that Social Bonds are an effective tool to channel investments to assets which have social objectives and benefits, thereby contributing to the achievement of the UN Sustainable Development Goals, particularly SDG 8 which targets “inclusive and sustainable economic growth, full and productive employment and decent work for all”.

[1] Cassa depositi e prestiti (CDP) Social Bond Framework, November 3rd, 2017, Eurostat – ANNUAL REPORT ON EUROPEAN SMEs 2016/2017