Investment in microfinance and social enterprises is set to receive a significant boost. The EU’s financing programme for Employment and Social Innovation (EaSI) will receive an additional €100 million for its Guarantee scheme from the European Fund for Strategic Investments (EFSI), the core of the Investment Plan for Europe.
In light of this top-up, Commissioner for Employment, Social Affairs, Skills and Labour Mobility, Marianne Thyssen, said: “Thanks to the €100 million EFSI top-up the EU will be able to boost access to finance to micro-entrepreneurs and social enterprises across the continent. The extra funding is expected to mobilise about €1.9 billion in financing for micro-entrepreneurs, in particular vulnerable groups such as the unemployed, young people, and migrants, as well as social enterprises. Through the programme for Employment and Social Innovation, the European Commission shows its commitment to foster sustainable employment for the most vulnerable people in the labour market. It will enable thousands of new jobs to be created.”
The financial support comes on top of the original EaSI Guarantee instrument worth €96 million, for a combined overall investment of €196 million. In order to continue to highlight the need for investment in social infrastructure, a High-Level Task Force on “Investing in social infrastructure in Europe” was set up in January 2017 on the initiative of the European Association of Long Term Investors.
Today the Task Force, chaired by former Commission President Romano Prodi and former French Minister Christian Sautter, presented its report at the Commission in the presence of Vice-President Jyrki Katainen.