Brussels, 26/09/2013 (Agence Europe) - While waiting for the final agreement on the EU budget for 2014-2020, the European Parliament has approved, in committee, the programme for the competitiveness of enterprises and SMEs (COSME) for the same period. COSME has been allocated a budget of €2 billion.
On Thursday 26 September, the European Parliament's industry committee approved the agreement concluded on 20 June between the Parliament and the Council on the COSME programme. The programme was proposed by the European Commission at the end of 2011. Allocated a budget of €2.03 billion in the 2014-2020 multiannual financial framework, COSME will take the place of the competitiveness and innovation programme (CIP) to remedy market failures, promote SME access to financing, and encourage the spirit and creation of businesses.
With regard to financing - the top priority of the programme (€1.2 billion) - COSME will support SMEs through a venture capital facility for growth-phase investment, and through direct loans or other risk-sharing arrangements with financial intermediaries to cover the loans. COSME also provides for support to SMEs to have access to internal markets and third country markets (21% of budget), thanks to support services through the Enterprise Europe Network. Lastly, the programme will encourage the creation of businesses by promoting the development of entrepreneurial attitudes and skills - particularly among young people and women entrepreneurs.
The final vote on COSME in the plenary session of the Parliament and in the Council will follow the approval of the EU's long term budgetary framework, probably at the end of October. (EH/transl.fl)