Programme description
Main objectives
The programme covers Malta's contribution to the SME Initiative, responding to the call by the European Council of 24-25 October 2013 encouraging Member States to make use of this joint initiative developed by the Commission and the EIB to boost SME access to finance in Member States.
Through this programme, Malta will make a contribution of EUR 15 million to the initiative, from its 2014-2020 European Regional Development Fund (ERDF) allocation.
The success of the JEREMIE financial instrument in the 2007-2013 funding period encouraged the Maltese authorities to expand the use of such mechanisms from 2014-2020.
Funding committed under this programme will be used to implement a new financial instrument consisting of uncapped guarantees provided by the European Investment Fund (EIF) to Maltese banks, to cover new loans for new investments implemented by beneficiary SMEs. As a result, SMEs access to finance will be significantly enhanced, incentivising them to continue to invest in the economy and to create jobs.
The EUR 15 million provided by the ERDF in the form of guarantees is expected to quadruple in value, giving rise to some EUR 60 million of new loans to SMEs.
ERDF funding provided under this programme will be combined with additional funding (some 2%) from provided thorugh EU level financial instruments COSME and/or Horizon 2020, managed jointly by the Commission and by the EIF, as well as with senior risk coverage provided by the European Investment Bank.
Funding priorities
The Programme will focus on one single priority "Enhancing the competitiveness of SMEs in Malta"
Expected results
- More SMEs obtaining bank loan financing
- Increase of annual added value to the Maltese economy by up to EUR 438 million.
Funds
Regional Development Fund (ERDF): 29.000.000,00 €
Thematic priorities
View the dataFinancial information
Total OP budget: 29.000.000,00 €
Total EU contribution: 29.000.000,00 €
View the data