EIB dedicated programme to fight against youth unemployment

'The European Council on 27-28 June decided to launch a new “Investment Plan” and to intensify the fight against youth unemployment by utilizing the financial support of the European Investment Bank (EIB).

The EIB will launch with immediate effect a dedicated youth employment programme “Skills and Jobs – Investing for Youth” to help counteract the rapid increase in youth unemployment in Europe.

The programme is based on two pillars. The pillar “Jobs for Youth” will provide SMEs with better access to finance and link EIB financing to the employment of young people in SMEs. The second pillar “Investment in Skills” will support job -related skills and on-the-job-training by investing in educational facilities (universities, research facilities), vocational training programmes, student loans and mobility programmes.

During his discussion with the Heads of States and Governments President Hoyer reiterated that the EIB is on good track with its business plan following the capital increase of EUR 10 billion. Hoyer: “We have delivered and we are delivering with the successful implementation of the capital increase.” He underlined that that “the EU Bank has taken a clear counter-cyclical course and is investing in regions where others have left the markets.” He made it clear that the Bank has a strong focus on small and medium sized enterprises and the knowledge economy but that it will also continue to provide long-term financing in all member states in strategic infrastructure (e.g. broadband technology, energy or transport infrastructure) to improve Europe`s competitiveness on the global markets. He further emphasised that the Bank is developing new products, such as a trade finance scheme for Greece, SME Guarantee programmes and the Project Bonds Initiative that the EIB is currently introducing to the markets in a pilot phase.'

Source: Abstracts from the official press relase of the EIB. Read the full press release