In accordance with the indications of the High-Level Advisory Group, approved by the European Council, it is hoped that the Italian Government will firmly support the hypothesis for the creation of a new European Sustainable Development Bank as a subsidiary of the EIB for its activities outside the EU, in which it would participate as a shareholder in agreement with EU countries and other banks.
The creation of a new participatory entity raises the question of the new statute and the new headquarters, which it is hoped will be created in Italy, the largest shareholder together with Germany and France, but not adequately represented.
The current structure of control and management of European financial organisations is unbalanced on the Franco-German axis (two French presidencies and a general directorate, a German presidency and a Spanish presidency in four locations in Germany, England and Luxembourg, respectively). Italy can and must be an authoritative candidate to host the headquarters of this new ESDB.
In Italy, Trieste could be one of the most authoritative locations due to:
• The proximity to Eastern European countries, its centrality in the Mediterranean, its historical relations and its consolidated traffic and connections with the Middle East and China
• The free zone regime that would allow the use of particularly facilitated financial instruments to support the off-shore operations of this new body
• The American interest in the city, also in relation to the development of the economic and political colossus of the Middle East (Emirates-Arabia, Egypt-Jordan), with Israel and related connections
• The presence in the city of some of the major scientific research institutions and international organisations, including the CEI, already manager of EBRD resources, which could support this new Development Bank
• The availability of areas in Porto Vecchio, where a new and ambitious urban development project could be carried out. On the initiative of the European Movement for Sustainable Development chaired by Prof. Giuseppe Razza and with a large representation of the regional and national economic world, the non-profit association “Sustainable Financing” was set up to support this candidacy for the headquarters.