JASMINE (Joint Action to Support Microfinance Institutions) is a pilot initiative by the European Commission, the European Investment Bank and the European Investment Fund. The initiative is the operational outcome of the official communication released by the European Commission in November 2007 addressing “A European initiative for the development of micro-credit in support of growth and employment”.
Since early 2009, we have undertaken its management and, within its framework, have been able to provide microcredit providers in the EU and Candidate countries with a EUR 20m microfinance funding envelope. These resources will be dedicated to investments and are made available by EIB under the Risk Capital Mandate.
Our commitment demonstrates continuing efforts to support very small businesses in Europe. On behalf of the European Commission, we provide to Microfinance Institutions and Microcredit providers :
- Financial support in the form of funding (European Investment Bank resources) which are close to self sustainability or in general in a development phase aiming at becoming fully bankable.
- Technical Assistance financed by the European Commission (DG REGIO).
To date, we have signed one investment under the JASMINE initiative. In September 2009, we committed
EUR 1.8m in CoopEst at second closing. CoopEst is a Belgium-based fund operating in Poland, Romania, Bulgaria, Lithuania and Kosovo which plays an important role in providing access to finance to micro and small businesses and entrepreneurs in Central and Eastern Europe, in line with the recent European Union programs and initiatives aimed at developing microfinance.
Since the implementation of the JASMINE initiative, we have faced significant demand from European microcredit providers, particularly in the old EU Member States, targeting both
social financing and more entrepreneurial microborrowers. The first objective of these microcredit institutions is to
promote job creation, self entrepreneurship and to relieve pressure on public expenses related to unemployment.
For more information on JASMINE: European Commission - Directorate general for Regional Policy
