Presentation of the Euro-Mediterranean Guarantee Network
16 September 2019 | Corporate news
The headquarters of the Union for the Mediterranean (UfM) in Barcelona hosted a seminar during which the Euro-Mediterranean Guarantee Network (EMGN) was officially introduced.
The EMGN is a project promoted by the IEMed and the Euro-Mediterranean Economists Association (EMEA) whose aim is to facilitate the access to funding of small- and medium-sized enterprises (SMEs).
The EMGN will be operative from January 2020 with the funding of the German Society for International Cooperation (Deutsche Gesellschaft für Internationale Zusammenarbeit – GIZ).
The Euro-Mediterranean Guarantee Network (EMGN) seeks to alleviate the region’s structural constraints for MSMEs to access to finance by strengthening the role of credit guarantee schemes active in the countries under the Euro-Mediterranean Partnership.
EMGN has the following eight closely related objectives:
BRIDGE the knowledge gap on MSMEs access to finance.
INCREASE COOPERATION between the EU, the Northern, Southern and Eastern Mediterranean institutions active in the development of MSMEs and their access to finance.
EXPAND guarantee schemes in the Mediterranean Partner Countries and the advancement of Euro-Mediterranean cooperation in the area of credit guarantees.
SUPPORT the development of the Mediterranean guarantee schemes product range and particularly in the MSME segment.
PROVIDE evidence on the impact of credit guarantees and on the feasibility for the implementation of other guarantee instruments such as counter guarantees and equity guarantees.
ENHANCE the operating environment of Northern, Southern and Eastern Mediterranean guarantee schemes.
DISSEMINATE knowledge on guarantee schemes via appropriate supports.
INTENSIFY cooperation between the credit guarantee schemes beyond the Euro-Mediterranean region.
Among the members of the network are:
• Caisse Centrale de Garantie des Crédits d’Investissement – Algeria
• Credit Guarantee Corporation – Egypt
• Jordan Loan Guarantee Corporation – Jordan
• Kafalat SAL – Lebanon
• Caisse Centrale de Garantie, CCG – Morocco
• Euro-Palestinian Credit Guarantee Fund – Palestine
• Société Tunisienne de Garantie – Tunisia
EMGN responds to the recommendations endorsed by EU and Southern Mediterranean high-level stakeholders from banks, private equity and venture capital firms, stock exchanges, and MSME support agencies during the CEPS-IEMed working group on the future of MSMEs financing.
In addition, EMGN is at the junction of other initiatives such as EU’s newly created External Investment Plan (EIP) that was adopted in September 2017 to help boost investment in partners’ countries in Africa and the European Neighbourhood. It aims to contribute to the UN’s sustainable development goals (SDG) while tackling some of the root causes of migration, as well as mobilize and leverage sustainable public and private investments to improve economic and social development with a particular focus on decent job creation.
For more information please visit the website of the EMGN project.