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Leveraging Financial Instruments for SME Growth: The Malta Case Study

Peter James Sant

This article presents the challenges of a successful implementation of the first financial engineering instrument (FEI) used to further facilitate the access to finance for Small and Medium Sized Enterprises (SMEs) in Malta. The reader finds here a comprehensive account of the implementation of the Joint European Resources for Micro to Medium Sized Enterprises (JEREMIE) initiative by the European Investment Fund, the financing gap in Malta, financing issues, obstacles arising during the implementation, as well as the controls and evaluation processes and procedures. The problems and pitfalls encountered are also highlighted. The author explains how the implementation of the first FEI in Malta creates new opportunities for the financial services community and mainly for end beneficiaries, i.e. SMEs. Furthermore, this article highlights some of the new opportunities that will be available within the financial perspective of the programming period 2014-2020.

Peter James Sant lectures at the IFS University College, United Kingdom and is Head of Research and EU Affairs with the Bank of Valletta. Mr Sant represents Maltese financial institutions on pan European trade associations.


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