The European Investment Fund (EIF) and Turkish bank Fibabanka have signed an agreement to support micro-enterprises under the EU Programme for Employment and Social Innovation (EaSI).

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This EaSI guarantee agreement will offer EUR 20 million to around 5,000 micro-borrowers, who will be able to receive loans under very attractive terms.

Commenting on the transaction, Marianne Thyssen, EU Commissioner for Employment, Social Affairs, Skills and Labour Mobility, said: “This guarantee agreement will support a total of 5,000 micro-entrepreneurs through loans on attractive terms. This financial support is important for many entrepreneurs who wish to start-up or develop their own business and it is also an excellent way to promote growth and job creation."