Overview
ROME – International law firm McDermott Will & Emery has represented Istituto per il Credito Sportivo (ICS) in connection with €150 million framework loan agreement with the Council of Europe Development Bank (CEB) to support the financing of sports facilities in Italy.
The signing ceremony was hosted in Rome’s Palazzo Chigi, the official residence of Italy’s Prime Minister, in the presence of the Secretary of State On. Giancarlo Giorgetti.
The transaction represents the first framework loan agreement by the CEB and ICS and is aimed at supporting social development projects. This partnership helps to improve the public’s awareness of the social role of sports and sporting practices as instruments of education, vehicles for inclusion and integration, which contribute to and maintain people’s psychological and physical wellbeing.
The McDermott infrastructure and project finance team advising on the transaction was led by partner Marco Cerritelli with invaluable support from Valentina Perrone and Giulia Alessio.
Marco Cerritelli commented, “We are proud to have played a part in bringing this complex, landmark transaction to a successful end. This deal is further testament to McDermott’s first-rate work in the area, confirming our leading position in advising on sport and social infrastructure financing.”
“We would like to thank Istituto per il Credito Sportivo for the trust they have placed with us. The funds raised are aimed at supporting local authorities’ investment plans throughout Italy, at a time when municipalities, particular the small ones, are facing severe budget constraints and are forced to slow down their investments,” he added.
The funds provided by the CEB will be directly allocated to finance projects put forward by Local Authorities to support construction, purchase of equipment, completion of ongoing investments, energy efficiency savings, restructuring and adjustments of public sport facilities as well as investments in cycle paths, velodromes, and associated structures.
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