With reference to project financing, Ri.MED Foundation also participates in the Joint European Support for Sustainable Investment in City Areas (JESSICA) initiative. In Sicily, the Urban Development Fund dedicated to city development projects is the Fondo di Rigenerazione Urbana (FRUS), fully owned by EQUITER Spa, a company of the Intesa Sanpaolo Group. FRUS expressed its interest in supporting Ri.MED Foundation’s BRBC project using its JESSICA funds, subject to its inclusion in the Urban Development Integrated Plan (PISU) of the Municipality of Carini, which was formalized in July 2013.
With letter n. 56880 dated December 4, 2014, the Foundation received director general’s order (DDG) n. 2301 from the Department of Infrastructure for Mobility and Transportation – Office 7, dated September 26, 2014, registered at the Court of Auditors – Office 2: Control of legitimacy of deeds of the Region of Sicily, on November 10, 2014, endorsing the validity and eligibility for funding of the project submitted by the Foundation within the JESSICA initiative.
Specifically, the JESSICA financing amounts to a total of €40 million (to be used to cover part of the BRBC construction costs) provided by Intesa Sanpaolo in a one-off allocation to be returned with a zero interest rate, in thirty biannual deferred capital installments starting from January 1, 2019. This represents a substantial opportunity for the Foundation as it allows to access significant funds for the BRBC start-up phase, providing collateral that will be gradually reduced in a manner proportional to debt recovery.
The agreement with Intesa Sanpaolo was signed on December 22, 2014 after the Board of Directors approved the BRBC’s “definitivo” project.