Prolific Dialog opened: WASME - EIB

On 5th June WASME published a press release „Urgent Backlog: EU Financing of SMEs in Asian Countries.” The EIB European Investment Bank reacted promptly: The Heads of Division, Operations in Asia, M. Zöllner and O. Arango expressed in their letter of 10th June 2007 their feeling „that said press release does not represent correctly the nature of EIB support for SME investment in Asia.”

WASME is far away from misjudging the paramount role of EIB’s support of SMEs in developing Countries, said Norbert W Knoll-Dornhoff, Permanent Representative of the SME Words Association to UNIDO. The Post- Tsunami Loans extended by EIB to Sri Lanka and to the Maldives (totalling EUR 120 millions) were exemplary, and the importance of Global Loans for SMEs in Indonesia, Philippines, Sri Lanka and Vietnam in the total amount of approx. EUR 200 have never been underestimated. However, the past six years (2001-2006) credit lines extended to partner banks of EIB, reflecting in EIB’s funding statistics at EUR 425 millions are in reality much less, as a Global Loan for India with EUR 50 millions via RABO India GL Facility was cancelled after signature.

EIB in their statement indirectly confirmed that six Asian Countries, Bangladesh, Nepal, die Republic Korea, Malaysia, Singapore and Thailand, up to date received no Global Loans for SMEs. These Countries are not included in the Bank's funding statistics.

WASME is well aware, said Knoll-Dornhoff, that one cannot blame EIB for not having supported in the past SMEs in the aforementioned Asian Countries. Therefore, the Permanent WASME Representatives at UNIDO, Susanne Forstinger in co-operation with the Austrian Delegation have, at the 33rd Session of the Industrial Development Board (from 25th-27th June 2007 in Vienna), invited the Governments of the unprivileged Asia Countries to submit via the local Chambers of Commerce and SME-NGOs reports on the financial needs of SMEs and nominate reliable financial intermediaries as future partners of EIB.

In a conversation between the EIB Heas of Communication Department, Mr. O. Arango and WASME Knoll-Dornhoff, it was agreed that the dialog between WASME and EIB should now continue and the public in general should be better informed about EIB’s support for SME investment in the developing Countries. If EIB would in the forthcoming years only extend one Global Loan in each of the six unprivileged Asian Countries, said Knoll-Dornhoff, then thousands of new jobs could be created and new business opportunities be opened for co-operation with entrepreneurs in Europe.

WASME World Association for Small and Medium Enterprises is an International Civil Society Organisation accredited in Consultative Status at UNIDO United Nation Industrial Development Organization. The Permanent Mission WASME to UNIDO represents the interests of Small and Medium Enterprises at UNIDO and those of the WASME Member Organisations.

Permanent Mission WASME to UNIDO
Bujattigasse 13, 1140 Vienna
Office for Hungary:
Garas utca 22, 1026 Budapest
Dr. Norbert W. Knoll-Dornhoff
Permanent Representative WASME

This release was published on openPR.