The European Commission (EC), the executive body of the European Union (EU), recently launched EaSI-MicPro, a new online platform where microcredit providers can present information about their operations. The target audience includes both microentrepreneurs and investors. Appearing on the platform indicates that the microcredit provider has agreed to act in accordance with the EU Code of Good Conduct, assuring investors of the credibility of the reporting standards implemented by the providers [1]. The objective of this code is to ensure quality data reporting and customer and investor relations [2]. The launch of this platform is complimentary to with EU Programme for Employment and Social Innovation (EaSI) that seeks to create a “sustainable microfinance ecosystem” by making microcredit funding more accessible and reliable [3]. EaSI is managed by the European Commission and implemented by the EU’s European Investment Fund.
By Hye In Arielle Oh, Research Associate
About European Commission (EC)
The European Commission (EC), founded in 1951, is the executive body of the European Union (EU). It is responsible for proposing legislation, implementing decisions, upholding the EU’s treaties and the day-to-day running of the EU. EC has its headquarters in Belgium and also operates offices in Luxembourg as well as “representations” in all EU countries.
About European Investment Fund (EIF)
The European Investment Fund (EIF) is a provider of risk finance to organizations that lend to small and medium-sized enterprises (SME) in Europe. The fund is a public-private partnership whose shareholding structure, as of 2014, includes the European Investment Bank (65.1 percent equity); the European Union (EU) as represented by the European Commission (24.3 percent); and 24 financial institutions from EU member states plus Turkey and Croatia. EIF is a member of the EIB Group, the parent organization of the European Investment Bank (EIB). As of 2014, EIF had total assets of EUR 2.04 billion (USD 2.28 billion).
Sources and Addition Resources:
[1] EaSI-MicPro: “EaSI – Microcredit Providers active in the European Union,” https://webgate.ec.europa.eu/easi-micpro/Jasmine.jsp
[2] European Commission: “JASMINE – European Code of Good Conduct for Microcredit Provision,” http://ec.europa.eu/regional_policy/en/funding/special-support-instruments/jasmine/cgc/#4
[3] European Commission: “Employment, Social Affairs & Inclusion,” http://ec.europa.eu/social/main.jsp?catId=952&intPageId=3510&langId=en
MicroCapital Universe: “European Commission (EC),” https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=European+Commission+%28EC%29
MicroCapital Universe: “European Investment Fund,” https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=European+Investment+Fund
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