Brussels, 15/05/2013 (Agence Europe) - The European Investment Bank (EIB) says that in the current economic situation, it attaches the highest importance to supporting small and medium-sized enterprises in order to promote growth and jobs in Europe, explained EIB president, Werner Hoyer, during the annual meeting of the EIB's Board of Governors in Brussels on 14 May.
Following the EIB's paid-in capital increase of €10 billion last year, the EU bank will lend an additional €15 billion to small and medium sized enterprises in 2013, 2014 and 2015, explained Hoyer. He said that the EIB was open to exploring new financing tools to help alleviate the financial constraints on SMEs. The EIB, the European Commission and the European Central Bank (ECB) have been discussing how to strengthen the credit supply for SMEs, in particular in Europe's peripheral countries. President Hoyer emphasised during the Board of Governors' meeting that securitisation could be a useful tool to revive SME lending, but stressed that prudence was needed, “bearing in mind the experience of the subprime crisis.” Hoyer addressed the growing problem of youth unemployment in Europe, stating that the EIB would “do its utmost” to help improve the situation. One option for the EIB might be to link favourable loan conditions to the creation of new jobs for unemployed youngsters. (OL/transl.fl)