Small and medium-sized companies across Europe should be able to benefit from the first funds from the new European Fund for Strategic Investment (EFSI) before summer 2015.

This morning, Minister for Social Dialogue, Consumer Affairs and Civil Liberties, Helena Dalli today presided over a MEUSAC Core Group meeting on a proposal for a regulation on the EFSI and amending various EU regulations.

The fund aims at mobilizing private investment of €315 billion over the next three years and to improve the investment environment in Europe. The fund will be run by the European Investment Bank (EIB) and all investments will be catalyzed from a €16 billion EU budget guarantee.

According to European Commission estimates, the proposed measures could add € 330 - € 410 billion to EU GDP over the next three years and create up to 1.3 million new jobs .

The project promoter is to develop a project proposal and submit to the EIB. This will be analysed from a financial, social, environment and technical aspect and if the EIB staff are of the opinion that the project deserves support, then the project is submitted to the investment committee. The commission is also consulted.