Italian municipalities get zero-interest loans for cultural heritage restoration

The Istituto per il Credito Sportivo (ICS), Italy's only public bank, has launched the "Cultura Missione Comune – 2021" call in collaboration with ANCI, offering local authorities and regions zero-interest financing for cultural heritage restoration and enhancement. For the first time in over 60 years, the bank significantly expands its support to the cultural sector. A total of €7 million in interest subsidies is allocated, enabling municipalities to secure fixed-rate mortgages of 15, 20, or 25 years, with a total of €35 million in loans available. Applications must be submitted by December 5, 2021. Those submitted by October 30, 2021, can receive full interest coverage for up to 25-year mortgages; later submissions may receive full coverage for up to 20-year mortgages (priority interventions) or 90% coverage for non-priority ones. ICS President Andrea Abodi stated that a new generation of opportunities for Italian culture has begun. The initiative is the first concrete application of the Fondo Valorizzazione del Patrimonio Culturale, recently made operational, as noted by Culture Minister Dario Franceschini, who emphasized that this tool will help local governments leverage culture for territorial development.