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Revolving pledge: agreement Crédit Agricole Italia and the Chianti Classico Consortium

Cooperation between farms, local authorities and the banking system, for the benefit of the area

Crédit Agricole Italia has signed a collaboration agreement with the Chianti Classico Consortium, the protection consortium founded in 1924 to support and enhance its product with a controlled and guaranteed designation of origin, which will allow companies in the wine sector to activate the Revolving Pledge. The agreement, signed by Giovanni Manetti, president of the Consortium, and Massimo Cerbai, Head of the Tuscan regional management of Crédit Agricole Italia, provides for the possibility of granting a credit based on the market values of the wine in stock, subject to certification of existence. The aim of the agreement is to favor the economic development of the territory in a logic of strengthening the local productive fabric and collaboration between farms, local authorities and the banking system.

Specifically, the facility consists of a credit opening, which can be used in one or more solutions, against the contextual pledge of Chianti Classico Docg wine. “The Chianti Classico Wine Consortium continues its commitment to provide support to member companies and to offer diversified means of accessing credit”, declares the president. “Despite having demonstrated a good resilience in 2020, and going towards the end of 2021 in a more than positive way, our denomination and the wine sector in general can benefit from the study of ad hoc financial instruments. In fact, these can be a stimulus for the investments that the quality wine sector constantly needs, to increase the competitiveness of our companies on a highly competitive market. The agreement is added to a series of opportunities reserved for our members, as a support for the development of a highly suited area such as Chianti Classico".

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EFA News - European Food Agency