JASMINE (Joint Action to Support Microfinance Institutions in Europe) brings together several EU Institutions (the Commission, the EIB group, Parliament), public and private banks, the EUROFI network (think tank on European financial and banking services) and donors. It complements the JEREMIE initiative launched jointly by the European Commission and the EIB in 2006, which allows the Member States and regions of the EU to transform part of their Structural Fund allocations into financial products designed specifically for small and medium-sized enterprises. The project is due to start in early 2009 with a pilot phase that should last for three years.

The JASMINE unit will be created within the European Investment Fund (EIF) and provide technical assistance to MFIs to help them to become credible financial intermediaries, adopt good practices and obtain capital more easily. JASMINE will also help to create training courses and publicity campaigns on the European microfinance initiative for the Member States, the regions, the banks and micro-finance institutions. Another aspect is to cofinance operations of the most promising non-bank institutions to be chosen on the basis of the viability of applications.

Download the press release here.

For more information please visit the webpage of the European Commission Regional Policy Directorate:
http://ec.europa.eu/regional_policy/funds/2007/jjj/micro_en.htm