Federculture and ICS still support the culture

Istituto per il Credito Sportivo, the social bank for the sustainable development of Italy through sport and culture, and Federculture have signed a three-year memorandum of understanding to support the cultural activities sector through the provision of products, banking services and advice exclusively for the Federculture network. employees. This is a grant of EUR 100 million for the granting of mortgages, including investments in the protection and improvement of the cultural heritage, sites and buildings intended for cultural activities or contributing to them, and associated historical assets.

An important step for the Istituto per il Credito Sportivo, which, with the signing of this agreement, confirms itself as a key player in the cultural sector, enabling it to take a real leap in quality in relation to credit institutions. With the words from Andrea Cancellato, President of Federculture: “Thanks to the collaboration with ICS and the Institute’s commitment to cultural realities, a new logic is confirmed in investing in culture, both for the private sector and for the public, which goes through careful planning. A path that has already yielded excellent results with Kulturfonden, set up in the middle of the pandemic thanks to the Ministry of Culture’s intervention, and which we are sure will also in this case create important investment opportunities and aftermath in terms of long-term growth in a sector, such as cultural heritage and activities that must return to planning and think about the future, beyond the emergency.

What has been done

In fact, ICS had already in 2021 invested in the Fund for the Protection and Improvement of the Cultural Heritage, activated with the 2020 relaunch decree, art. 184, para. 4, over 10 million euros. An appropriation which activated bank guarantees for more than EUR 40 million and which enabled public bodies and private entities in the cultural world to receive interest rate subsidies on loans granted and intended for interventions, initiatives and activities for protection, protection, preservation, security and enhancing cultural, tangible and intangible heritage. Among the 71 supported projects are the anti-Semitic intervention worth 13,455,000 euros to the former convent complex S. Nicolao, requested by the province of Lucca, the restoration and preservation project of the inner walls of Visconteo Sforzesco Castle and the ramparts of San Luca e S. Giuseppe from 6,545,000 euros requested by the municipality of Novara, the recovery and improvement program for the island of Poveglia in the lagoon of 5,879,000 euros activated by VdV SRL, the purchase of the Grazia Deledda theater from 232,000 euros from the 3923dinian theater, 39284 €. Cooperative Society and the creation of the ADI Design Museum – Compasso d’Oro from the Adi Design Museum Foundation.

Andrea Abodi and Andrea Cancellato

The properties of the loan

With reference to the granting of interest rate subsidies, which can reach 2%, the loans will have a maximum term of 25 years for members of a municipal nature and 20 years for members of another nature. The interest rate will be set at the time of signing the loan agreement on the basis of the current interest rate plan for the type of borrowers or mortgages covered by the protocol on the ICS institutional website. The institute also offers its members ad hoc specialized consulting activities aimed at the preliminary verification of financial sustainability and the technical project.

Fundable planning

Significant new elements of the latest agreement signed by the ICS Presidents Andrea Abodi and Andrea Cancellato is the will to bring the elements of sustainability from the project proposals, such as the integration of ESG criteria or energy efficiency, but also the elimination of architectural barriers and the introduction of compliance and security for cultural sites, the technological implementation of infrastructures and the digitization of cultural heritage. In addition, ICS may, with reference to any investment financing for the purpose of protecting and strengthening the cultural heritage, assess the possible grant of an interest subsidy from the Cultural Fund within the limits of the availability of the “Contribution Section in the interest” of the Cultural Fund or any grant of the guarantee. it is understood that the part of the loan that is not covered by the Guarantee may be covered by other real or personal guarantees.

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