Czech Business Today
The Investment Plan for Europe – What’s In for Czechs?
European Fund for Strategic Investments (EFSI) is the key pillar in the Investment Plan for Europe which can mobilize public money from the EU budget and attract private investments. On 17th September in Prague, Czech audience discussed with the EIB and DG ECFIN representatives the possibility how to get involved in the Investment Plan for Europe.
Approved projects to be financed by EFSI in other EU countries were presented by EIB and ECFIN speakers. The Czech Republic is not among the countries who contributed to EFSI. According to Tomas Novotny, Deputy Minister, Ministry of Trade and Industry CR, thanks to the cooperation between the EIF and Czech-Moravian Guarantee and Development Bank (CMZRB) on the national programme Záruka (Guarantee), the Czechs are involved in COSME programme and use EFSI. In the period 2015–2017, this cooperation will allow granting credits for SMEs of CZK 4.4 billion for 1,500 entrepreneurs, therefore by one third more than granted only by CMZRB from its sources. Thanks to the EIF guarantee, CMZRB will guarantee these types of loans – investment loans and working capital. The applicants must be small entrepreneurs with less than 50 employees, the guarantee is granted for investment loans for the period of 8 years, for the working capital for 6 years. The guarantee is for free.
In brief, Czechs can use EFSI for investment projects for SMEs and midcaps (support programmes combining national and EU money) and for infrastructure investment projects dealing directly with EIB/EIF. Good news is that the EIB liaison office is to be opened in Prague by the end of the year.
