Youth employment: first loan givenFebruary 3, 2014
Funding Scheme: 2014-02-03
Pgm2014 2020: Yes
The European Investment Bank (EIB) is lending 50 million euro to Europejski Fundusz Leasingowy S.A. (EFL) for financing investments undertaken by small and medium-sized enterprises (SMEs), to support youth employment in various sectors in Poland. This is the first ever EIB loan in Poland in the framework of the “Jobs for Youth” initiative.
This new EIB product is being provided under the dedicated youth employment programme “Skills and Jobs – Investing for Youth” launched by the Bank in July 2013. The aim of the “Jobs for Youth” facility is to incentivise financial intermediaries – by offering even more favourable interest rates and maturity terms – to target their lending to SMEs, which contribute to the improvement of youth employment.
Thanks to the 50 million euro provided by the Bank of the European Union, EFL will finance SMEs throughout Poland which fulfil one of the following eligibility criteria:
They have employed at least one additional young person (15-24 year old) in the last six months calculated from the date of signature of the loan agreement with EFL,they offer vocational training or internships/training programmes for young people,they cooperate with a technical college/school/university to employ young people (e.g. in summer internships).
This is a continuation of the EIB’s successful cooperation with EFL since 2007. Including the current operation, the Bank has provided four loans totalling some EUR 530 million to finance the projects of SMEs and mid-caps in Poland.
Url description: EIB website