The European Investment Bank (EIB) is providing a €25 million (£21m) loan for the expansion of a charging network for electric vehicles (EVs) in Italy.

Be Charge, a subsidiary of Be Power Group, signed a 10-year lending agreement to support its goal of installing a total of 30,000 charging points across the country.

Currently, more than 1,000 chargers have been installed, with 5,000 more in development or construction.

Paolo Martini, CEO of Be Charge and Be Power said: “Our plans are ambitious and having the EIB by our side to make them happen is not only important but also a confirmation of our business model.

“We are creating one of the most advanced and dense infrastructures, which we hope will help to increase the number of electric cars in Italy; a new mobility paradigm that will bring great benefits to the environment, improving daily life and travel habits.”