Micro-credit training for start-up SMEs

Bank of Valletta is currently undergoing an internal capacity-building exercise to further develop its internal resources in provid-ing access to finance for start-up operations and micro-enterprises.

This exercise is being provided through the framework of the Jasmine initiative (Joint action to support micro-finance institutions), launched in 2008. Jasmine is a European initiative dedicated to providing technical assistance to EU financial institutions and micro-finance organisations.

Under the Jasmine initiative, a team of credit and risk specialists within BoV recently attended a workshop run by Dean Caire. Mr Caire has extensive experience in credit methodologies with a number of international banks in central eastern Europe and has published a number of specialised research papers in this field.

The workshop was an interactive discussion on how to effectively build, test and implement micro-financing methodologies.

Albert Frendo, chief officer, Credit, said: “The advanced staff training in the area of micro-credit methodologies being made available under the Jasmine inititive seeks to complement the bank’s brand promise to further strengthen the customer experience.

“By offering professional value-added services, BoV is determined to remain the prime mover in the development of Maltese SMEs with a special focus being given to micro-enterprises. There are over 38,000 micro-enterprises today, employing around 49,000 people.”

Jasmine is financed by the European Commission (Directorate General for Regional Policy) and the European Investment Fund, which forms part of the European Investment Bank Group.