Grimaldi Group secures EIB loan

Grimaldi Group secures EIB loan Naples, Italy-based Grimaldi Group has signed an 81 million-euro ($116 million) loan agreement with the European Investment Bank (EIB), the European Union’s financing institution, and UniCredit Corporate Banking, to finance four cruise ferry ships.
   The loan, with a term of 15 years, will be advanced through UniCredit as part of a total credit line of 250 million euros ($358 million) made available by the EIB to the Grimaldi Group. It will be used to co-finance four of the largest freight/passenger ships ever used in the Mediterranean, ordered by Grimaldi from Fincantieri with an estimated total value of 600 million euros ($859 million). The vessels will be able to carry 2,140 passengers and 3,600 lane meters of vehicles (187 trailers and 215 cars).
   “This project is in line with the commission's policy of promoting shipping, to help curb road traffic and rebalance the different modal shares, with beneficial effects for the environment and in terms of reducing traffic,” said Dario Scannapieco, EIB vice president with responsibility for financing operations in Italy, Malta and the western Balkans.
   Emanuele Grimaldi, joint managing director of the Grimaldi Group, said the vessels will operate on the Civitavecchia/Barcelona route and will cut CO2 emissions by 40 percent compared with road transport for freight and air transport for passengers.