Turin, a roof for the Egyptian Museum's baroque courtyard: €4 million soft loan granted

The Istituto per il Credito Sportivo e Culturale S.p.A., a public bank for the sustainable development of the country through Sport and Culture, has granted a subsidized loan of 4 million euros for the construction of the roofing of the Baroque courtyard of the former Collegio dei Nobili palace, current home of the Egyptian Museum. This intervention will allow the creation of a new multipurpose square with free access.

To support the project, the Istituto per il Credito Sportivo e Culturale S.p.A. signed an agreement with the Compagnia di San Paolo Foundation for an operational collaboration that led to the creation of a “Dedicated Section” within the Culture Sector Guarantee Fund, managed directly by ICSC and fed by contributions from the Compagnia di San Paolo Foundation. The Section was designed to provide additional and complementary guarantees to those normally offered by the Fund. It is an unprecedented innovative initiative that structurally combines public contributions, funding from ICSC and contributions from the Compagnia di San Paolo Foundation through the surety issued by Banca Etica.

The total cost of the project amounts to more than 19 million euros and will be supported through several sources of funding: the Egyptian Museum’s own financial reserves of up to 7 million euros, direct contributions from the Foundation’s members (Ministry of Culture, Piedmont Region, Compagnia di San Paolo Foundation and CRT Foundation), support from Intesa Sanpaolo through the Artbonus program and contributions from private companies, and a 4 million euro subsidized loan granted by the Istituto per il Credito Sportivo e Culturale S.p.A.

“I can only express my deepest gratitude to the individuals who have made this financial model possible,” said Samanta Isaia, Managing Director and Sole Construction Manager. “The Egyptian Museum is projected into the future; Credito Sportivo, Banca Etica and Founding Partner Compagnia di San Paolo have strongly believed in this project that pushes the Egyptian Museum towards new boundaries of cultural enjoyment where the Piazza will be a social place, an evocative place and a city place.”

“This initiative is a concrete example of how the adoption of innovative partnership models represents an effective strategy to support high-impact projects in the cultural sector,” said Antonella Baldino, CEO of the Istituto per il Credito Sportivo e Culturale S.p.A. “The virtuous combination of public, philanthropic and private funding will allow an important intervention to enhance the Egyptian Museum aimed at making accessible and usable a space of great historical and artistic value. A project that strengthens the link between culture, sustainability and community, helping to create new opportunities for the cultural and social development of our country.”

Turin, a roof for the Egyptian Museum's baroque courtyard: €4 million soft loan granted

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