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services on financial instruments under the
fi-compass is a unique platform for advisory
for Employment and Social Innovation (EaSI).
European Structural and Investment Funds
(ESIF) and microfinance under the Programme
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be an important tool for boosting EU agriculture.
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Investments, in a variety of forms, will help create a modern, dynamic agri-food
sector to create jobs and enhance growth in the EU. Financial Instruments will

Glossary

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Title Term Definition
Major Project

As defined within Article 100 of the CPR, a Major Project is an ‘Operation (funded by ERDF or the Cohesion Fund) comprising a series of works, activities or services intended in itself to accomplish an indivisible task of a precise economic or technical nature, which has clearly identified goals and whose total cost exceeds EUR 50 million’.

Management costs

Management costs refer to direct or indirect cost items reimbursed against evidence of expenditure. Based on a performance based calculation methodology.

Management fees

Management fees refer to an agreed price for services rendered established via a competitive market process, where applicable. Based on a performance based calculation methodology.

Mezzanine

Mezzanine financing consists of a mix between debt financing and equity. It can be distinguished between equity mezzanine – i.e. forms of mezzanine that have many elements of equity – and debt mezzanine – i.e. forms of mezzanine that have many elements of debt financing. Mezzanine financing is usually unsecured and subordinate (so-called 'junior') to normal debt financing (so called 'senior loans').

Micro Credit

Small loans, usually smaller than €25 000, granted either by specialized institutions or by banks.

Microfinance institution (MFI)

Organization that provides financial services targeted to a clientele poorer and more vulnerable than traditional bank clients.

Monitoring Committee (MC)

Member States are required to appoint monitoring committees to check that Operational Programmes (OPs) which use Structural and Cohesion funding are being correctly implemented. As defined in Article 47 of the CPR, these committees are chaired by the relevant Member State (or managing authority) and comprise regional, economic and social partners. A monitoring committee's key tasks include: 1. assessing the effectiveness and quality of OPs; 2. approving criteria for financing under each OP; 3. making periodical reviews of OPs and their progress towards specific targets; 4. examining the results of implementation to assess whether those targets have been met; 5. where necessary, proposing revisions to OPs, including changes related to their financial management.

Muliplier ratio

An appropriate multiplier ratio shall be established through a prudent ex-ante risk assessment for the specific guarantee product to be offered, in addition to the ex-ante assessment in accordance with Article 37 (2) of the CPR, taking into account the specific market conditions, the investment strategy of the financial instrument, and the principles of economy and efficiency. Such ex-ante risk assessment may be reviewed where it is justified by subsequent market conditions.

Multi-region assistance (MRA)

This initiative aims to support the potential use of financial instruments in investment priority areas that are shared by regions from at least two different EU states.