The European Investment Fund and Swedbank have signed a microfinance agreement to provide 123 million euro in order to support micro-businesses in Estonia, Latvia and Lithuania under the EU Programme for Employment and Social Innovation.
Due to the financial backing of the European Commission, the European Invest Fund provides a guarantee that will enable Swedbank Baltic to provide up to 123 million euro financing for microbusinesses in the three Baltics countries over the next three years. “This will benefit around 5,000 small businesses in Estonia, Latvia and Lithuania,”- Marianne Thyssen, the European Commissioner for Employment, Social Affairs, Skills and Labour Mobility said. “This financial support demonstrates again that the European Commission is fully committed to boosting employment in Europe and getting more people into jobs, especially the most vulnerable people on the labor market,” – she stressed.
Financing by Swedbank under the EU Programme for Employment and Social Innovation support for microenterprises is expected to launch this month. “The guarantee from EIF will be instrumental in helping small businesses who may be having difficulties in accessing much needed finance for their business,”- Per-Erik Eriksson, Head of Microfinance at European Investment Fund said.
The EU Programme for Employment and Social Innovation is part of the European Investment Bank Group. Its core mission is to support Europe’s micro, small and medium-sized enterprises by helping them access finance.
On March 9, the European Commission has adopted a proposal for a new Macro-Financial Assistance programme for Ukraine worth up to 1 billion euro to support economic stabilization and structural reforms.
Vice-President Valdis Dombrovskis, responsible for the Euro and Social Dialogue, also in charge of Financial Stability, Financial Services and Capital Markets Union, said: “Proposal on the fourth Macro-Financial Assistance programme of €1 billion shows the EU’s commitment to stand with the people of Ukraine. This solidarity must go hand-in-hand with a continued commitment from the Ukrainian authorities to an ambitious reform agenda to ensure a stable and prosperous Ukraine. We are counting on the European Parliament and Member States for their support for this important programme.”
“Ukraine continues to enjoy the political and financial support of the European Union for its reform efforts. Much has been achieved over the past few years, often in the most trying of circumstances. Now I urge the authorities to take forward the reform drive with renewed vigour, to build a fairer, more stable and more prosperous country in the interest of all Ukrainians,” – stressed Commissioner Pierre Moscovici, responsible for Economic and Financial Affairs, Taxation and Customs.
Macro-financial assistance operations are part of the EU’s wider engagement with neighbouring countries and are intended as an exceptional EU crisis response instrument.
European Union will support economic stabilization in the post-Soviet countries
