Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-01-18-Speech-2-552-000"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20110118.21.2-552-000"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spoken text |
"Dear colleagues, I am pleased to report that both parts of the European Progress Microfinance Facility – the guarantees part and the cash products part – are now entirely operational. Only three months after the entry into force of the decision, the Commission finalised the mandate for the European Investment Fund to launch the guarantee operations for microfinance providers.
Last November, the Commission established a specialised investment vehicle. As a result, the first micro-loans will be provided starting from this month. I am also pleased to report that the Commission has been successful in securing additional funding for micro-entrepreneurs in Europe. The European Investment Bank will match the European Union’s contribution of EUR 100 million, and further contributors are expected. As a result, the overall volume of loans under the Progress Microfinance Facility will amount, as planned, to around EUR 500 million. This money will benefit unemployed people, people facing social exclusion or vulnerable persons who face difficulties in accessing the conventional credit market. Ensuring outreach to these target groups and promoting geographical balance are key elements of the mandate given by the Commission to the European Investment Fund.
Operations approved so far, or under preparation, suggest that both objectives will be met. As from early 2011, micro-loans will be provided through a start-up microfinancing institution in Belgium which focuses on disadvantaged urban communities, and through a foundation in the Netherlands which targets individuals with no access to conventional finance. The EIF has announced that the operations being prepared will also be balanced in terms of geographical coverage. About 40% are expected to involve intermediaries investing in Europe and about 60% in Central and Eastern Europe. It is well known that microfinance is most effective if business starters and micro-enterprises are accompanied through business support services.
As such, the Commission will undertake measures to support European Social Fund managing authorities and intermediate bodies to step up the promotion of self-employment and micro-enterprises.
For the current ESF programming period, the Member States have earmarked more than EUR 2.7 billion to promote entrepreneurship. Entrepreneurs can also be supported through interest rebates. However, whether or not interest rebates are subsidised through the ESF is a decision to be taken by the individual Member States. At present, only one Member State, namely Lithuania, has indicated that it makes use of this possibility.
Lastly, the Commission will promote information about the Progress Microfinance Facility. The microfinance providers who are closest to the target beneficiaries will provide information on the availability of micro-loans. The Commission will make use of existing networks of public employment services, ESF managing authorities and NGOs, to provide information on the progress of the Microfinance Facility.
Last but not least, the Youth on the Move campaign will pay special attention to opportunities for young people from different backgrounds to start up their own businesses and receive micro-loans."@en1
|
| lpv:unclassifiedMetadata | |
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples