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Press Release 

EIB delivers on increased SME lending and approves support for youth employment

The board of the European Investment Bank, comprising directors from 28 EU member states and the European Commission, approved significant new support for stimulating investment by SME and mid-cap companies (up to 3000 employees). The board also agreed new initiatives for tackling youth unemployment and providing trade finance for export focused European companies in programme countries.

The President of the EIB, Werner Hoyer, commented: “The European Investment Bank is committed to delivering significantly increased lending for SME’s and investment crucial for economic growth as agreed at the European Council three weeks ago. The EIB is also enabling enhanced investment to improve skills and increase jobs by businesses across Europe to fight youth unemployment.” In addition the President stated: “As the EU Bank, we welcome the strong support shown by our shareholders to allow the EIB to make an exceptional contribution to help small businesses and fully support the EU’s Youth Employment Initiative.”

The board today approved a significant increase of the lending target for SMEs during 2013, up from the originally planned EUR 14.1 billion to EUR 17 billion. This brings the overall EIB Group support close to EUR 20 billion, with the European Investment Fund focussing on venture capital, guarantees and microfinance. The board also approved EIB loans totalling EUR 3.8 billion for lending to small and medium sized businesses and mid-cap companies across the EU. This will bring total EIB support for European SMEs and mid-caps approved so far in 2013 up to some EUR 9.4 billion compared to EUR 6.4 billion in the same period last year.

Furthermore the board approved projects in the other priority sectors, totalling around EUR 7 billion, including innovation, energy projects and strategic health and transport infrastructure.

Read the full press release Source: European Commission -  23 July 2013

Youth Employment Initiative - initial and revised programming (26 June 2013)

Based on the draft budget agreed between the European Parliament and the Council Presidency on 26 June.

On 3 July EU heads of states decided to increase the budget for  the Youth Employment Initiative by 2 billion EUR.  We will update the figures as soon as they are available

Data: European Commission More information on the draft budget 2014-2020

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European Parliament resolution on youth guarantee schemes

Jobs for young people, social investment responses to economic crisis and the architecture of European Monetary Union were the key issues debated by MEPs, the Council Presidency and the Commission President on Wednesday, in the run-up to the European summit on 27 and 28 June. Decisions are being taken, but not put into effect, MEPs stressed. Parliament summarized the key issues in three resolutions voted after the debate.

EC President Barroso on EU Funds in Cyprus

EC President Jose Manuel Barroso replied to a letter from the President of Cyprus, Nicos Anastasiades, regarding EU funds for Cyprus 2014-2020. The letter addresses different elements of the future programming period such as the possibility to benefit from the Youth Employment Initiative, the higher pre-financing and higher co-financing rates, as well the financial envelope for Cyprus.

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