Italy's Cultural Heritage Fund Becomes Operational with ICS Management

The Fondo per la salvaguardia e la valorizzazione del patrimonio culturale, established in 2020 under the Decreto Rilancio with an initial endowment of 100 million euros, is now operational. Managed by the Istituto per il Credito Sportivo (ICS), the fund aims to support investments in tangible and intangible cultural heritage. ICS, a public bank that has financed 75% of Italian sports facilities since 1957, will oversee two compartments: Salvaguardia and Valorizzazione, each with 10 million euros, to be replenished with another 10 million in 2021. These funds are expected to facilitate access to credit and reduce costs for over 100 million euros in bank loans for local authorities and cultural enterprises. A technical evaluation commission, chaired by Andrea Cancellato and including Lorenza Bonaccorsi, Eduardo Gugliotta, and ICS President Andrea Abodi, will assess project eligibility. The fund targets interventions, initiatives, and activities for the protection, conservation, and enhancement of cultural heritage, aiming to revive the cultural sector hit by the pandemic.