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Annual Report 2011
4
In the context of dif ficult
economic and f inancial
conditions which have had
far-reaching consequences,
the counter-cyclical role of
the European Investment
Fund (EIF) in the market in
2011 was, and continues
to be, of significant impor-
tance. By of fering an ex-
tended range of products
wi th an increased geo -
graphical reach, EIF has
shown determination in ad-
dressing the lack of financ-
ing available for small and
medium-sized enterprises
(SMEs) across Europe.
Using its specific experi -
ence and expertise within the European Investment Bank
(EIB) Group, EIF pursued and developed its equity and
guarantee activities, including by addressing market gaps
in its new role as a major microfinance provider in Europe.
EIF’s growing role in the venture capital market is evi -
denced by the record level of signatures of equity invest-
ments in 2011. Indeed, EIF played an instrumental role in
the successful launch of many funds last year, catalysing
private sector investment and providing crucial support to
this market in times of crisis.
Foreword of the Chairman of the Board
EIF had a fundamental impact on the SME securitisa-
tion market in 2011, acting as a driving force behind the
reestablishment of this market and participating in most
SME loan and lease transactions which were publicly
or privately placed with investors. The considerable de-
mand for both funding and risk sharing from banks across
the European Union underlines the need for EIF’s role to
provide SMEs with the financing that is currently lacking.
Within this context, EIF launched a new pilot scheme,
the Risk Sharing Instrument for innovative and research-
oriented SMEs and small mid-caps, a joint initiative with
the EIB and the European Commission which will enable
EIF to further strengthen its structured finance activity.
Furthermore, the foundations for the forthcoming establish-
ment of new initiatives were also laid in 2011, notably for an
impact financing facility, a Luxembourgish innovation fund,
and the realisation of new partnerships in co- investment
platforms with Business Angels.
Looking forward, and in a climate of continued economic
uncertainty, EIF will consolidate and strengthen the prod-
ucts and instruments which have been developed to date.
In so doing, EIF intends to maximise the impact of its re-
sources, including its stable AAA rating, to the benefit of
medium, small and micro enterprises within its geographi-
cal scope, whilst seeking to fully capitalise on the impact
which can be achieved jointly with the EIB.
Philippe Maystadt