The European Commission, The European Investment Bank and the European Fund for Investment (EFI) have adopted a new joint initiative to support access to capital for small and medium businesses and to develop micro-credit facilities. JEREMIE the acronym of the initiative “joint European resources for micro and medium enterprises” is designed to provide capital to firms with workforces of between one and 250 employees, and will come into force from 2007 to cover the next period of programming of the Structural Funds. The project, described as “financial engineering”, consists in placing at the disposal of member states and regions the endowment of EU Structural Funds to obtain a series of specific financial products for micro, small and medium enterprises. These products will be administered by the EFI, which both in management and in funding shall be able to enlist the collaboration of the EIB and other international financial institutions. Info www.eif.org
