Italian investment bank Cassa Depositi e Prestiti (CDP) will "promote collaborations between European and national stakeholders, including other public development banks" to facilitate the realization of the Recovery Plan, CDP President Giovanni Gorno Tempini said on Tuesday.
Opening a summit entitled 'Finance in Common', Gorno added that "the future has many challenges in store that, today like never before, require collaboration to be overcome".
The meeting taking place on Tuesday and Wednesday features representatives of the main European public development banks.
"Public development banks should unite and collaborate with all stakeholders for a more ecological and equal model of development," he said.
Opening the summit, the president of CDP noted that the pandemic and the subsequent socio-economic crisis have produced a deep and long-lasting impact at a global level, "amplifying vulnerabilities and inequalities and highlighting the urgent need to reconsider our development models".
Given the situation, he recalled that public development banks have been very active in the most difficult phase of the crisis to support the economy, providing counter-cyclical investments that allowed to reach short-term targets and to lay the groundwork for the subsequent recovery.
"Now that global macroeconomic perspectives are finally returning to be positive, with the majority of countries set to reach pre-COVID-19 GDP levels in 2022, there is a need to set the base for a more balanced, equal and sustainable growth", he recommended.
Operating in over 150 countries and moving 10% of world investments, the over 500 public development banks present at a national, regional, international and multilateral level "find themselves in a unique position to reach this target", he said.
Gorno then highlighted that in Europe, in particular, public development banks "will be asked to become partners for the realization of the Next Generation EU plan, an opportunity not to be missed".
In collaborazione con:
Cassa Depositi e Prestiti