FROM EIR DAILY ALERT

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Italian State Bank Announces € 200 Billion Investment Plan

Dec. 6, 2018 (EIRNS)—The Cassa Depositi e Prestiti (CDP) unveiled its three-year plan yesterday, announcing a € 110 billion investment plan which should be able to mobilize additional € 90 billion from private investors. In total: € 200 billion. Of the € 110 billion, € 83 billion will be destined for companies and € 25 billion for “infrastructure,” including “new strategic” ones. Some € 3 billion will be invested in “international cooperation.” CDP is a state-owned bank which owns the Post Bank with deposits up to € 265 billion.

It is not clear what the investments will be. The CDP’s CEO and General Manager Fabrizio Palermo spoke about “digitization,” “sustainability” etc.

Moreover, ministers from the Five-Star Movement party in the government are blocking precisely these “strategic infrastructure” projects the CDP is promoting, such as the Turin-Lyon rail link and the Genoa “Third Pass.” Expert Ercole Incalza has calculated that blocking such projects, while waiting for the findings of ostensible “cost-benefit” reviews, has already cost € 260 million.

The government has also announced taxes on conventional cars and subsidies for electric cars next year.