Page 26 - Annual Report 2010

ANNUAL REPORT 2010

24

European Commission resources

to finance for the start-up and growth of SMEs, and in-vestment in innovation activities including eco-innovation.

EIF made CIP commitments amounting to EUR 71.6m (EUR 46.6m under GIF 1 and EUR 25m under GIF 2) in 2010. In terms of 2010 cash flow, for all Commission man-dates (CIP, Multiannual Programme for En-terprise and Entrepreneurship 2001-2006, or MAP, and the Growth and Employment scheme, or G&E) EUR 50.6m was disbursed, with reflows of EUR 9m.

This activity brings the net signatures of the European Com-mission portfolios (G&E, CIP and MAP) to EUR 523.7m at end-2010.

In 2010, the EIF continued to invest the budgetary en-velope of EUR 1.1bn equally split between guarantees and equity as part of the CIP 2007-2013 Programme to enhance SME access to finance. The programme, which is particu-larly important for EIF’s support to venture capital, covers a wide geographical area, the EU 27, EEA, and other European coun-tries such as Croatia, the Former Yugoslav Republic of Macedonia, Montenegro and,

since the start of 2009, Turkey and Serbia, extending the targets of EIF support and the budget available for SMEs.

As a result of the CIP, EIF has been able to expand its range of instruments in support of new SME market seg-ments and products, including technology transfer, busi -ness angels, and eco-innovation.

Throughout 2010, EIF implemented the equity segment of the CIP known as GIF (High Growth and Innovative SME Facility)  2 and fulfils its objective to improve access

2 GIF comprises two business lines, GIF 1 which covers early stage (seed and start-up) investments investing in specialised venture capital funds and GIF 2 which covers expansion stage investments by invest-ing in specialised risk capital funds.

EURm

CIP, MAP and G&E 2006 2007 2008 2009 2010 Total since

inception

Commitments 89.4 49.7 134.3 43.4 71.6 523.7 Disbursements 23.2 38.7 50.7 52.3 50.6 315.4 Capital repayments 7.6 12.8 3.6 3.9 6.8 59.0 Revenue repayments 3.9 1.9 0.2 0.1 2.1 20.5

Enhancing access

to finance