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JASMINE stands for 'Joint Action to Support Microfinance Institutions in Europe'. It is one of the four new financial engineering initiatives introduced under the EU Cohesion Policy for 2007-13. With a total budget of €50 million, JASMINE is a pilot initiative which has been jointly developed by the European Commission (EC), the European Investment Bank (EIB) and the European Investment Fund (EIF).
JASMINE is tailored for micro-enterprises and for socially excluded people (including ethnic minorities) who want to go into self-employment, but do not have access to traditional banking services. This initiative focuses on this 'non-bankable' segment of the market. It aims to make small loans, or micro-credit, more widely available in Europe to satisfy unmet demand.
In the EU micro-credit means loans under €25 000, but typically, the average is € 10 000 for EU-15 and €3 800 for EU-12.