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Signature(s)

Amount
€ 100,000,000
Countries
Sector(s)
Luxembourg : € 100,000,000
Services : € 100,000,000
Signature date(s)
22/12/2010 : € 4,000,000
30/11/2010 : € 20,000,000
8/05/2013 : € 22,666,666
26/08/2011 : € 26,666,667
29/03/2012 : € 26,666,667
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Summary sheet

Release date
30 March 2010
Status
Reference
Signed | 30/11/2010
20100150
Project name
Promoter - financial intermediary
PROGRESS Microfinance Facility - PMF

The European Investment Fund will manage the funds provided by the European Commission and the EIB

Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
Up to EUR 100 million.
Not applicable.
Location
Sector(s)
Description
Objectives

The PMF will consist of a fund targeting microfinance institutions, including banks, which will address a mix of social, economic and financial objectives.

By supporting microfinance institutions, the initiative is intended to benefit self-employed persons, microenterprises (especially in the social economy) and microentrepreneurs starting or expanding their businesses as a way of countering unemployment and social exclusion in the EU in the context of the financial crisis.

Environmental aspects
Procurement

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

General enquiries and comments

The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

Media enquiries

Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

Complaints mechanism

Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

Zero tolerance against fraud and corruption

The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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