European Investment Bank approves support for youth employment

European Investment Bank approves support for youth employment

The Board of Directors of the European Investment Bank (EIB), consisting of 29 Directors, with one Director nominated by each Member State and one by the European Commission, yesterday, agreed new initiatives to counteract the rapid increase in youth unemployment in Europe.

The European Investment Bank will lend EUR 6 billion to support investment in skills and new jobs through the youth employment programme “Jobs for Youth – Investing in Skills” which consists of two key elements. “Jobs for Youth” will provide SMEs with better access to finance and link EIB financing to the employment of young people in SMEs. “Investing in Skills” will support job-related skills and on-the-job-training by investing in education and research facilities, as well as vocational training, student loans and mobility programmes.

President of the EIB, Werner Hoyer, emphasised that: “The ´Jobs for Youth´ funds will be available already in August. This is six months earlier than the EU funds and will allow Member State to bring forward the start of their national or regional programmes, demonstrating the strong complementarity between EU, Member State and EIB actions.”

 

The board of the European Investment Bank also approved significant new support for stimulating investment by SME and mid-cap companies (up to 3000 employees) and providing trade finance for export focused European companies in programme countries.

 

 

Find out more: http://europa.eu/rapid/press-release_BEI-13-113_en.htm