Brussels, 17/07/2012 (Agence Europe) - Progress Microfinance, created in 2010, is an effective facility for the creation of jobs, according to the second annual report on its implementation presented by the European Commission on Tuesday 17 July. The main aim of the facility is to assist, through other microfinancing bodies, young people or independent workers who hope to start up a business but who are unable to benefit from traditional financing means.
“Progress Microfinance is clearly an effective facility both for microfinance providers and entrepreneurs. By providing access to microfinance to create jobs, particularly for disadvantaged people, the facility has proved to be an important social investment tool that should continue in the future”, said Laszlo Andor, Commissioner for Employment and Social Affairs, on Tuesday 17 July.
The role of the Progress Microfinance facility is to provide guarantees for bodies specialised in microfinancing. For the next three years, guarantees worth a total of €170 million have been granted to 20 independent bodies. The European Investment Fund (EIF) has been designated to manage the programme. This report comes just at the right moment, as the Commission has suggested keeping the facility in the next multiannual financial framework, as part of the programme for change and social innovation (PCSI), which will fuse together three programmes: the European Progress Microfinance Facility, Progress (the Community programme for employment and social solidarity), and EURES (European employment services). (JK/transl.jl)