EIB Provides €115 Million to Saviola Group to Promote the Circular Economy
- The funding will support Saviola’s research and development activities over the period 2022-2025
- Thanks to the EIB’s support, Saviola will reduce its energy consumption by 22%
Promoting the circular economy through the production of eco-friendly panels and 100% green furniture is the main objective of the European Investment Bank (EIB)’s €115 million loan to the Saviola Group, a leading Italian company in the production of chipboards and recycled wood furniture.
The loan announced today will support Saviola’s investments over the period 2022-2025, helping to further improve the sustainability of the production phases of the company, which annually recycles some 1.5 million tonnes of post-consumer wood.
The proposed investments aim to develop new products and production processes while, at the same time, modernising and expanding Saviola’s production capacity by reducing its energy consumption.
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Thanks to the funding provided by the EU bank, Saviola will become more competitive via state-of-the-art and sustainable production facilities, making its internal processes more flexible and environmentally friendly. This EIB loan will help promote the circular economy, reduce the environmental impact of production processes and create jobs. It is estimated that development of the new production lines will cut CO2 emissions per unit of product by about 22%.
“This operation signed with Saviola aims to promote the transition to a circular economy, a key element in achieving the objectives of the European Green Deal, and confirms the EU bank’s commitment to supporting the growth of Italian businesses,” said EIB Vice-President Gelsomina Vigliotti.
“Sustainability has always been in our DNA as we have been implementing a post-consumer wood collection, recycling and production system since the 1990s. We want to continue on this path through increasingly sustainable and green technologies and facilities, pursuing quality and technological innovation, including via these financing operations,” said Alessandro Saviola, Chairman of the Saviola Group.
