A group of development and commercial banks has provided €1.52bn for the construction of an Italian motorway.

The finance was provided by the European Investment Bank (EIB), the Cassa Depositi e Prestiti Group (CDP) and five Italian commercial banks: Intesa Sanpaolo, UniCredit, MPS Capital Services, Centrobanca and Credito Bergamasco.

The finance has two tranches. For the first tranche, CDP, a government lending vehicle partly-funded by Sace, the Italian export credit agency, has contributed €760mn. An additional €60mn comes from the five commercial lenders.

The second tranche comprises an EIB direct loan of €105mn, with €595mn disbursed from EIB via the five commercial banks. The second tranche is covered by Sace.

The project will complete a 62km section of the Brescoa-Bergamo-Milan motorway and is designed to relieve congestion on one of the country’s busiest road networks, as well as reduce air pollution.