Italian aircraft manufacturer Piaggio Aero Industries has signed a EUR 200 million financing agreement with a group of international banks. The credit line will strengthen Piaggio Aero's financial position and will support the company's industrial plan for 2008 to 2010, which envisages the construction of a plant in Villanova d'Albenga, in the province of Savona in northern Italy. The construction works on the plant are expected to begin in the next few months. The group of banks, which cleared the loan, is coordinated by UniCredit Banca d'Impresa (UBI), the corporate unit of Italian banking group UniCredit SpA, Calyon and Italian banking group Intesa Sanpaolo. The group of banks includes Europe Arab Bank, Italian banking groups Banca Popolare dell'Emilia-Romagna (BPER), Meliorbanca, Banca Nazionale del Lavoro (BNL), Banca Monte dei Paschi di Siena (MPS) SpA and MPS Capital Services.