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MNI EXCLUSIVE: Rome Mulls Measures Tempting SMEs To Bond Sales

ROME (MNI)

The Italian government is mulling measures to help small companies in sectors like tourism consider issuing minibonds to refinance bank loans, sources from the Tourism Ministry told MNI.

Measures to promote minibonds, alongside other financial tools to extend the maturity of loans aimed at companies in tourism and other sectors, could be included in a parliamentary amendment to the EUR32 billion fiscal decree approved last week, and could also be included in new stimulus packages expected later this year.

In a recent parliamentary hearing, Minister Massimo Garavaglia announced that the government is evaluating medium-long term financial instruments, with vehicles parallel to the banking system, to provide support and development to companies in these sector.

TOURISM BOOST

Prime Minister Mario Draghi also wants to spend EUR8 billion on creating a new shared database to modernise Italy's vital tourism industry and standardise a more up-market approach, the official said. This money could come from European Covid aid under Italy's Recovery Plan.

Upgrading tourism for the post-Covid era is a key objective for Draghi, who created a separate Tourism Ministry for the first time in 28 years, separating it from culture and agriculture.

The government expects a strong recovery in tourism in September when it predicts that 80% of Italians will be vaccinated. The industry, which accounts for 14-15% of GDP, should emerge stronger after the pandemic, the official said.

In the EUR32billion package approved last week, tourism received EUR1.7 billion. Along with a slice of the EUR10 billion fund for direct aid that the government approved.

MNI Rome Bureau | +34-672-478-840 | santi.pinol.ext@marketnews.com
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MNI Rome Bureau | +34-672-478-840 | santi.pinol.ext@marketnews.com
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