The European Investment Bank, European Investment Fund and European Commission organised a conference in Brussels on Oct. 22/23 to showcase how Europe’s cities and regions can make the most of EU funding for their investment needs. Opening the conference, EIB Vice President Matthias Kollatz-Ahnen said the joint initiatives presented, JESSICA and JEREMIE, showed how structural funds could be combined with EIB Group (EIB and EIF) technical expertise and financing for the benefit of small businesses and local employment, maximising the impact on the real economy.
“The new structural fund model allows EIB to act beyond the scope of a traditional bank, increasingly serving as a centre of expertise and taking a proactive role in providing technical assistance and innovative financial instruments geared to national and regional authorities,” said Mr Kollatz-Ahnen.
JESSICA (Joint European Support for Sustainable Investment in City Area) is a joint initiative of the European Investment Bank, European Commission and the Council of Europe Development Bank to support sustainable urban development and regeneration projects. The conference was presented with examples of how JESSICA has been applied in different ways in Estonia, Germany, Lithuania, Poland, Portugal and the United Kingdom. Mr Kollatz-Ahnen noted city investment can have a central role in supporting both Europe’s short term economic recovery goal and long term sustainable growth agenda. “Green investment in cities, which meets the sustainable city agenda and may assist in tackling the short to medium-term employment impacts of the recession, is an obvious candidate for support,” he said.
JEREMIE (Joint European Resources for Micro to Medium Enterprises) is a joint initiative of the European Commission and European Investment Fund with the European Investment Bank to improve access to finance for micro-, small and medium-sized enterprises (SMEs). The conference showcased examples of JEREMIE projects from France, Hungary, Latvia, Lithuania and the United Kingdom.
EIF Chief Executive Richard Pelly said: “JEREMIE is revolutionising the way in which structural funds can support small businesses access finance. By moving away from simple grants, financing for SMEs will have a revolving nature, thereby ensuring a more sustainable approach to SME financing.”
Background:
The European Investment Bank (EIB)
The EIB, the bank of the European Union, was set up in 1958 under the Treaty of Rome. One of its key tasks is to contribute to the balanced development of the EU and, in doing so, facilitate the financing of investment programmes in conjunction with the structural funds and other Community financial instruments. In 2008 the Bank signed loans the EU totalling EUR 51.5 bn, of which EUR 21 bn was for investment projects falling under the regional convergence objective. The European Investment Fund (EIF) was set up in 1994 and is 62 percent owned by the EIB and 29 percent owned by the European Commission. Its central mission is to support Europe's small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture capital and guarantees instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment. EIF has already signed JEREMIE holding fund agreements with nine governments and regions totalling more than EUR 1 billion.
Press contact: David Yormesor, Tel. +352426688346, e-mail d.yormesor@eif.org
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