Italy on Monday adopted a new package of economic measures including the strengthening of anti-takeover rules, and public guarantees for €400 billion-worth of loans and investments to help business.
“With the decree we just approved, we give immediate liquidity for €400 billion to our businesses, whether they are small, medium or big,” Prime Minister Giuseppe Conte said in a press conference Monday evening.
Rome will guarantee up to 90 percent of loans to businesses for €200 billion via the public owned export credit agency SACE, Finance Minister Roberto Gualtieri explained. An additional €200 billion have been earmarked to guarantee investments to support exports.
Companies benefitting from state guaranteed loans won’t be allowed to distribute dividends to shareholders, the minister added.
Gualtieri said the new guarantee system would become operational “in the coming days.”
The decree also extends the scope of existing investment screening tools to protect strategic companies from foreign takeovers.
The power to monitor foreign takeovers will be extended to sectors including banking, insurance, energy, transport, water, health, food safety, artificial intelligence and robotics, Conte said.
Last week, the European Commission encouraged member countries to strengthen domestic investment screening tools.
The decree also delays several tax deadlines which expired in April and May.