REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL COSME Programme for the Competitiveness of Enterprises and SMEs 2014-2020 Monitoring Report 2015 Monitoring Report 2015
Date: 2018-06-04
Institutions: Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs, European Commission
Subjects: EU aid, EU financing, EU programme, aid to undertakings, business start-up, commitment of expenditure, competitiveness, financial control, market access, small and medium-sized enterprises

EN 

  EN 

   EUROPEAN COMMISSION  Brussels, 4.6.2018  COM(2018) 388 final  REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL COSME  Programme for the Competitiveness of Enterprises and SMEs 2014-2020   Monitoring Report 2015  {SWD(2018) 299 final} - {SWD(2018) 300 final}  
 
 
 
 
 
Contents 

1. Introduction .......................................................................................................................... 2 

2. Activities and results 2015 ................................................................................................... 3 

2.1 Access to Finance ................................................................................................................ 4 

2.2 Access to markets ............................................................................................................... 5 

2.3 Improving Framework Conditions And Competitiveness ............................................. 6 

2.4 Promoting Entrepreneurship and Entrepreneurial Culture ......................................... 8 

3. Support measures and Administrative Expenditure ........................................................ 9 

4. Contribution to the Climate Mainstreaming objective ................................................... 10 

5. Conclusion ........................................................................................................................... 10 

ANNEX .................................................................................................................................... 11 

1 

 
 
 
 
 
 
1. INTRODUCTION 

COSME is the programme for EU actions to improve the competitiveness of enterprises, with 
special  emphasis  on  small  and  medium-sized  enterprises  (SMEs).  It  builds  upon  the 
Entrepreneurship  and  Innovation  programme  (EIP)  established  for  2007-2013  under  the 
Competitiveness  and  Innovation  Framework  Programme  (CIP).  COSME  actions  seek  to 
optimise synergies with other EU spending programmes, in particular the European Structural 
and  Investment  Funds  (ESIF)  and  the  Horizon  2020  programme  which  includes  the 
innovation activities which were previously part of the EIP.  

COSME brings added value by addressing transnational issues and market failures in four key 
areas defined by the legal base1: 

1.  Improving access to finance for SMEs in the form of equity and debt (at least 60% of 

the global budget envelope); 

2.  Improving access to markets inside and outside the Union (21.5%); 

3.  Improving  framework  conditions  for  businesses  and  the  competitiveness  of 

enterprises, including SMEs (11%); 

4.  Promoting entrepreneurship and entrepreneurial culture (2.5%). 

In addition to the 28 EU Member States, the following countries participated in COSME in 
2015: Albania, Serbia, Armenia,Turkey, Montenegro, FYROM and Moldova. 

The Commission is responsible for the overall implementation of COSME. The first objective 
is  implemented  through  the  financial  instruments  that  are  entrusted  to  the  European 
Investment  Fund  (EIF).  The  implementation  of  the  actions  under  objectives  2,  3  and  4  is 
largely  delegated  to  the  Executive  Agency  for  SMEs  (EASME).  Indirect  management  by 
international  organisations  is  also  envisaged  for  certain  analytical  and  benchmarking 
activities.  

This  report  presents  an  overview  of  the  COSME  budget  implementation  in  2015,  in 
accordance  with  Article  15  of  the  COSME  regulation,  including  support  measures  and 
expenses  of  an  administrative  nature.  The  details  of  implementation  for  each  objective  are 
included in annex 1. Annex 2 contains the list of beneficiaries for calls for proposals. 

1 Regulation (EU) N° 1287/2013 of the European parliament and of the Council of 11 December 2013. 

2 

 
 
 
 
 
 
 
 
 
 
 
                                                 
2. ACTIVITIES AND RESULTS 20152 

The  COSME  legal  base  specifies  an  overall  indicative  budget  of  EUR  2.3  billion  for  the 
seven-year  period  of  COSME  (2014-2020).  The  budget  follows  a  spending  cycle  with 
commitments planned to increase progressively up to the last year of the programme in 2020.  
Payment credits are expected to follow the same trend but with a lower level in 2015 as the 
programme  had  yet  to  create  the  legal  commitments  needed  for  generating  payments.  The 
COSME  legal  base  specifies  that  the  programme  is  implemented  through  an  annual  work 
programme  and  through  support  measures.  The  budget  also  includes  administrative 
appropriations for managing the programme. 

The COSME budget is implemented through four budget lines with appropriations specified 
by  the  corresponding  revised  financing  decision  for  20153.  After  adding  contributions  from 
third  countries,  unused  appropriations  from 
the  previous  programming  period  and 
miscellaneous transfers the budget available for 2015 was: 

(a) budget line 02 01 04 01 for administrative expenditures: EUR 4 199 483 

(b) budget line 02 01 06 01 for the functioning of the EASME agency: EUR 8 112 465 

(c) budget line 02 02 01 for all other operational expenditure: EUR 117 350 819 

(d) budget line 02 02 02 for access to finance operational expenditure: EUR 200 036 997 

The financing decision for support measures4 provides for a contribution of EUR 8 342 000, 
included in the budget line 02 02 01 of the general budget of the European Union for 2015. 

On  average  92%  of  the  COSME  activities,  with  the  exception  of  access  to  finance,  were 
delegated to the EASME5. 

In  total,  99%  of  the  €329  million  euros  available  were  committed.    For  payments,  the 
implementation rate was on average 89%.   

2 For more details, please check annex 1.  
3 C(2015) 3767 final 
4 C(2015) 4198 final 
5 SEC(2013) 493 final  

3 

 
 
 
 
                                                 
2.1 ACCESS TO FINANCE  

The COSME Regulation specifies that at least 60% of the total budget (EUR 1.4 billion) 
has to be allocated to the financial instruments for 2014-2020. 

In 2015, access to finance represented 59.2 % of the financial envelope available for COSME. 
The final budget available for the financial instruments and accompanying actions, including 
EFTA  and  third  countries  participation  to  the  programme,  was  EUR  200  million.  The  total 
budget committed for the Loan Guarantee Facility (LGF)  6 amounted to EUR 148.5 million, 
while the total budget committed for the Equity Facility for Growth (EFG) amounted to EUR 
50.7 million. The budget committed in 2015 for accompanying actions was EUR 0.8 million. 
These  actions  included  the  promotion  of  financial  instruments  and  the  gathering  of  data  on 
SMEs access to finance. 

Loan Guarantee Facility 

27  guarantee  agreements  were  signed  in  2015  under  the  LGF  with  financial  intermediaries 
located  in  17  countries  (16  Member  States  and  1  participating  third  country).  More  than 
51 000 SMEs received financing for almost EUR 1 300 million under the LGF, also thanks to 
the  enhancement  of  the  LGF  through  additional  risk-bearing  capacity  provided  from  the 
European  Fund  for  Strategic  Investment  (EFSI)  which  is  available  since  July  2015.  The 
implementation continued to exceed expectations and confirmed the high market demand for 
financing of riskier SMEs, especially start-ups and small businesses.  

Equity Facility for Growth 

Five commitments were signed by EIF in 2015 under the EFG for the establishment of funds 
focusing mainly on investments in Italy, France, the Netherlands, Greece and Germany, but 
open  to  cross-border  investments.  The  expected  volume  of  investments  into  eligible  final 
recipients  amounts  to  almost  EUR  395  million  and  is  expected  to  provide  risk  capital  to 
around  53  SMEs.  Out  of  the  five  operations  signed  in  2015,  two  relate  to  Growth  and 
Expansion  Stage  funds  and  three  to  Multi-Stage  funds,  in  combination  with  the  InnovFin 
Equity Facility for Early Stage set up under Horizon 2020. At the end of 2015, two of these 
operations  were  unconditionally  closed  and  the  respective  fund  agreements  signed  with  all 
investors.  Unconditional  signatures  for  the  three  other  operations  occurred  in  2016.  First 
investments into SMEs took place in 2016. 

In  2015,  the  GIF  (High  Growth  and  Innovative  SME  Facility)  instrument  also  continued  to 
provide risk capital to SMEs, with equity investments into 68 additional SMEs. Since its start, 
the GIF has mobilised more than EUR 3.1 billion of equity finance to more than 500 SMEs. 
This number will continue to rise over the next years as the investment period is still ongoing 
for several funds. 

6  Further information is available as part of the Report from the Commission to the European Parliament and 
the Council on financial instruments supported by the general budget according to Art.140.8 of the Financial 
Regulation as at 31 December 2015 (COM/2016/675 final) and the accompanying Staff Working Document 
(SWD/2016/0335 final)  

4 

 
 
                                                 
 
Awareness raising activities 

In 2015 the Commission continued to update and promote the single portal on EU financial 
instruments.7 The portal provides information how businesses can access COSME and other 
EU financial instruments supported by Horizon 2020, EaSI, ESIF, EFSI and resources from 
the  EIB  group.  Technical  improvements  helped  to  make  the  portal  responsive  to  meet  the 
needs of an increasing amount of mobile users. Various promotion activities including Search 
Engine  Optimisation  helped  to  increase  monthly  page  views  from  100 000  early  2015  to 
150 000 in November 2015.  

In  cooperation  with  national  stakeholders  and  partner  organisation,  the  Commission  also 
organised  eight  Access  to  Finance  events  in  2015,  increasing  the  overall  number  of  such 
events to 29 (covering 28 Member States and the former Yugoslav Republic of Macedonia). 
Overall, more than 3 000 participants attended these events. 

The Commission, together with the European Central Bank, conducts regular surveys on the 
access to finance of enterprises (SAFE). These surveys provide information on the financial 
situation, financing needs, access to financing and expectations of SMEs. The 2015 results8 
showed  that  access  to  finance  was  the  most  important  concern  of  10%  EU  SMEs  in  2015 
(down from over 15% in 2013), with bank loans remaining the most relevant form of external 
financing for 50% of the SMEs. 

2.2 ACCESS TO MARKETS   

The COSME Regulation specifies that an indicative 21.5% of the total budget has to be 
devoted to easing access to markets. 

In 2015 EUR 61.5 million were dedicated to the Internationalisation of SMEs. 

COSME  provides  support  to  European  enterprises  and,  in  particular,  to  SMEs  to  help  them 
benefit from the Single market by establishing business links outside their own country and 
also to export outside Europe. 

Enterprise Europe Network 

The  Enterprise  Europe  Network  (EEN)  provides  integrated  business  support  services  to 
companies  who  seek  to  innovate,  grow  and  explore  opportunities  in  the  Single  Market  and 
third  countries.  On  a  yearly  basis,  the  network  provides  services  to  about  250.000  SMEs, 
including specialised advisory services to some 70 000 SMEs. An evaluation of the Network 
shows that SMEs who use the EEN have 3.1% higher job and turnover growth than those who 
do not. 

In 2015, there were 527 participating organisations from 90 consortia covering all regions of 
the EU and 8 COSME participating countries, including Serbia and Armenia who joined the 

7 www.access2finance.eu 
8 Detailed results available at http://ec.europa.eu/growth/safe 

5 

 
 
 
                                                 
Network.  Framework  partnership  agreements  were  put  in  place  and  specific  grants 
agreements  for  the  first  operational  period  2015-2016  were  signed.  The  average  EU 
contribution to the eligible costs of Network partners is about 53%. Additionally, there were 
30  cooperation  agreements  signed  for  Business  Cooperation  Centers  in  29  third  countries. 
They focus their activities on partnership services and have to finance their activities by their 
own  resources.   (Please  refer  to  https://een.ec.europa.eu/  for  the  current  list  of  partners). 
Additionally,  conditional 
terms  for  Associated  Membership  were  signed  with  13 
organisations. 

In  2015  the  Commission,  EASME  and  members  of  the  Enterprise  Europe  Network 
established a working group on access to finance. This proved to be an efficient measure as it 
helped  both,  to  improve  the  interest  in  COSME  and  other EU  financial  instruments  thereby 
mobilising  their  successful  roll-out  across  Europe  and  to  strengthen  the  financial  advisory 
capacity of the Network.  

Increasing SME readiness to internationalise which uses the working title 'Ready2Go' aims to 
give businesses the opportunity to broaden their horizons, build up foreign contacts and stand 
out  in  the  global  market.    It  will  provide  training  and  network  opportunities  and  started  in 
September 2016. 

Other activities 

The development of EU-Japan cooperation continues via the annual EUR 2.8 million grant to 
the EU-Japan Centre improving the access of European businesses into the Japanese market, 
by  providing  them  with  the  needed  data  on  local  conditions  and  by  acquainting  them  with 
commercial  and  industrial  practices  which  EU  businesses  are  facing  in  Japan.  Training  on 
production  technologies,  quality  management  and  innovation  is  also  provided,  aimed  at 
improving the competitiveness of EU businesses. 

The  Your  Europe  Business  Portal  attracted  1.6  million  unique  visitors  in  2015  which 
corresponds to an increase of 21% compared to 2014. The most visited sections9 are VAT and 
customs (44%), funding (24%), and start & grow (11%). A new functionality allowed users 
who need more expert advice to send enquiries directly to a member of the Enterprise Europe 
Network (EEN). The EEN partners received a total of 2.884 requests for information via the 
form hosted on the portal. Finance was the top subject followed by "Expanding abroad" and 
"EU law and research". 

According to a survey with portal visitors over 83% of users rate the portal excellent, good or 
satisfactory. 

2.3 IMPROVING FRAMEWORK CONDITIONS AND COMPETITIVENESS 

The  COSME  Regulation  specifies  that  an  indicative  11%  of  the  total  budget has  to  be 
devoted to improving framework conditions and competitiveness. 

In  2015,  EUR  24.3  million  were  directed  to  this  objective  from  the  Work  programme  and 
EUR 5.8 million from the Support Measures, representing 11.7% of the financial envelope. 

9 9 VAT and customs is now entitled "Taxation" and funding is now entitled "Finance and funding" 

6 

 
 
                                                 
COSME  funded  actions  aiming  at  reducing  the  administrative  burden,  strengthening 
coordination of Member States’ industrial policies and reinforcing the use of the 'Think Small 
First' principle. COSME also promoted resource efficiency, sustainability and corporate social 
responsibility. Actions to improve the competitiveness of strategically important sectors in the 
European economy were also carried out, as well as a series of studies which together make 
up  the  "Report  on  single  market  integration  and  competitiveness  in  the  EU  and  its  member 
states"10.  

CLUSTERS 

The "Clusters Internationalisation Programme for SMEs" focusses on the promotion of cluster 
internationalisation  where  interested  consortia  have  the  opportunity  to  develop  a  joint 
international  strategy  and  support  SME  internationalisation  beyond  Europe,  especially  in 
emerging  thematic  areas.  It  also  contributes  to  facilitate  international  cluster  cooperation 
through the further development of the European Cluster Collaboration Platform. 

Cluster  initiatives  reach  out  to  groups  of  specialised  companies  and  support  strategic 
interregional and international collaboration. 

DESIGN BASED CONSUMER GOODS 

The objective of the action is to reinforce the competitiveness of the European SMEs active in 
the  design-based  consumer  goods  by  encouraging  the  market  uptake  of  new  and  creative 
solutions in the design-based consumer goods area. The measure therefore seeks to bridge the 
gap  between  research  and  innovation  on  the  one  hand  and  market  on  the  other  hand  by 
supporting  scale-up,  market  replication  and/or  first  application  of  projects  related  to  novel 
products, services, techniques or processes.  

Under this action 10 SME projects have been awarded: their scope ranging from innovative, 
digital solutions  to improve design processes and communication in the textile and clothing 
value chain, innovative products embedding digital technologies to products and new business 
models addressing environmental and societal challenges. According to the participants, such 
actions are needed as a lot of innovative technological solutions already exist but companies 
need help to overcome some barriers that make it difficult for them to reach the market. 

TOURISM  

The  tourism  initiatives  funded  by  COSME  2015  contributed  to  strengthening  the 
competitiveness  of  the  European  tourism  sector.  The  initiatives  dedicated  to  the  increase  of 
senior and young tourists' flows contributed to  generate an extension of the tourism season, 
which is fundamental for the industry to gain competitiveness and to offer all year round jobs. 
11 projects are being co-financed (9 with a focus on senior tourists and 2 on young tourists) 
for the duration of 12/18 months.  

The  EU  transnational  thematic  tourism  offer  has  been  enlarged  and  diversified  and  new 
public-private partnerships supported and consolidated. The participation of small and micro 

10 http://ec.europa.eu/DocsRoom/documents/13418/ 

7 

 
 
                                                 
enterprises in tourism partnerships have been strongly encouraged and increased. 10 projects 
are being co-financed for the duration of 15/18 months.  

Actions to  enhance tourism accessibility contributed to  improving facilities and  services  for 
tourists  with  special  access  needs.  8  projects  on  accessible  tourism  itineraries  are  being  co-
funded for the duration of 18/24 months.  

The visibility of European Destinations of Excellence has been improved, which will trigger 
higher numbers of potential tourist arrivals and local spill-over revenues for the destinations 
and tourism operators. 13 projects have been co-financed for the duration of 15/18 months.  

Awareness-raising  activities  and  events  generated  a  better  visibility  and  up-take  of  tourism 
initiatives. The  annual European  Tourism  Forum  and    European  Tourism  Day,  conferences, 
which gathered 200 and 400 participants respectively, largely contributed to the exchange of 
views on main topics of interest  to the tourism industry and the Member States. The feedback 
from participants' surveys shows overwhelming satisfaction with the choice of topics and the 
format and content of debate at these events.  

Through a successful cooperation with the European Travel Commission (ETC), the visibility 
of  Europe  as  a  destination  both  to  intra-EU  and  to  third-countries'  travellers  has  been 
increased.  This  was  achieved  through  various  branding  and  destination  marketing  actions 
through the www.visiteurope.com portal, under which ETC published 100 new pieces of pan–
European content in six different languages and deployed new technical features.  

2.4  PROMOTING  ENTREPRENEURSHIP  AND  ENTREPRENEURIAL 
CULTURE 

The COSME Regulation specifies that an indicative 2.5% of the financial envelope has 
to be devoted to promoting entrepreneurship and entrepreneurial culture. 

In  2015,  a  budget  of  EUR  12.9  million11  has  been  implemented  for  the  promotion  of 
entrepreneurship,  in  particular  to  the  Erasmus  for  Young  Entrepreneurs  mobility  scheme, 
representing  4%  of  the  total  amount  committed  for  COSME.  The  Erasmus  for  Young 
Entrepreneurs  call  for  proposal  was  oversubscribed  and  received  an  additional  allocation  of 
EUR 1 million budgetary surpluses remaining from other activities. 

ERASMUS FOR YOUNG ENTREPRENEURS 

So  far12,  nearly  12  000  entrepreneurs’  profiles  have  been  registered  and  3  900  matches 
involving  7  700  entrepreneurs  established.  A  survey  shows  that  more  than  a  third  of  the 
would-be entrepreneurs who took part actually started a business. 

Moreover,  the  COSME  programme  supported  exchanges  of  best  practices  to  promote 
entrepreneurship education in the EU. Specific support for Web entrepreneurs was provided. 

11 The initial enveloppe was EUR 10,8 million  
12 Figures collected in 2015. 

8 

 
 
 
                                                 
Some of the actions were targeted to specific groups such as young people, women or senior 
entrepreneurs providing mentoring and other tailored measures to facilitate entrepreneurship 
among these groups.  

DIGITAL ENTREPRENEURSHIP MONITOR   

Digital  technologies  and  digitalization  can  make  an  increasingly  important  contribution 
towards  meeting  today's  most  pressing  societal  challenges  (including  climate  change 
objectives)  and  supporting  economic  growth,  by  delivering  new  knowledge,  products  and 
services. Making full use of new technologies, in particular ICT, will be the key to building a 
more  sustainable  and  energy  efficient  future  to  fight  against  the  climate  change.  Digital 
technologies affect the full product lifecycle. They bring substantial gains in terms of carbon 
and energy efficiency. They also enable the management of end-of-life products in a smarter 
and energy-efficient way. 

Since March 2015, four Strategic Policy Forum on Digital Entrepreneurship meetings and two 
Member States Board on Digital Entrepreneurship meetings have been organised. A first draft 
of the Strategic Policy Forum’s recommendations has been provided on 10 March 2016.  

3. SUPPORT MEASURES AND ADMINISTRATIVE EXPENDITURE 

The  COSME  support  measures  are  financed  under  the  operational  budget  line  02.0201.    In 
2015 the total allocated to support measures was EUR 8.3 million.   

Conferences,  workshops  and  expert  meetings  were  organised  with  participation  of  various 
stakeholders  (including  national  authorities,  industry  and  consumer  organisations,  SMEs 
representatives,  non-governmental  organisations)  to  discuss  challenges  facing  different 
industrial  sectors.  Particular  attention  was  devoted  to  recommendations  on  how  to  better 
address SMEs' needs and how to further foster competitiveness.  

The administrative expenditure for DG GROW represented EUR 5.017.946, less than 2% of 
the  total  amount  committed.  The  budget  implemented  for  the  functioning  of  the  Executive 
Agency for  SMEs was  EUR 6.626.000 representing 2.6%  of the total budget  committed. In 
total, administrative expenses represented 4.6% of the financial envelope in 2015. 

The  corporate  communication  campaign  on  COSME  benefits  for  SMEs  targeted  9  million 
SME  owners  in  Cyprus,  France,  Greece,  Italy  and  Spain.  It  was  rolled  out  in  two  phases: 
Spring  2015(radio)  and  Autumn  2015  (online  and  print  advertising).The  objectives  of  the 
communication strategy for SMEs were: Filling the gap between SMEs needs and available 
opportunities;  Bringing  corporate  and  political  communication  together;  Defining  the 
narrative with a "go local" approach; and Continously assessing the impact of our actions. 

Moreover,  the  Enterprise  Europe  Network  in  the  target  countries  reported  an  increase  of 
requests  during  the  campaign  (in  particular,  it  was  proven  that  at  least  1000  additional 
requests from entrepreneurs were directly related to the campaign). 

The  administrative  expenditure  covered  studies,  meetings  of  experts,  information  and 
communication  actions,  including  corporate  communication  of  the  political  priorities  of  the 

9 

 
 
Union  related  to  the  general  objectives  of  the  COSME  programme.  Expenses  linked  to  IT 
networks  and  other  technical  and  administrative  assistance  expenses  incurred  by  the 
Commission for the management of the COSME programme were covered.  

4. CONTRIBUTION TO THE CLIMATE MAINSTREAMING OBJECTIVE 

The contribution of the COSME programme to the climate mainstreaming objective, set for 
all Commission programmes, has  been estimated at €21.6 million representing 6.4 % of the 
financial allocation in 2015.   

Relevant objective/output 

Enterprise Europe Network 

Financial instruments: Equity Facility for Growth 

Budget 2015 
(EUR Million) 

13.3 

8.3 

21.6 

Total 

For several COSME actions, such as the Loan Guarantee Facility, it is challenging to track the 
contribution  to  the  climate  mainstreaming  without  imposing  an  additional  administrative 
burden on financial intermediaries and, ultimately, the hundreds of thousands of participating 
SMEs which are the final recipients.  

5. CONCLUSION 

2015 saw the programme become operational as the projects launched in 2014 took their first 
steps in implementation.   

Access to Finance remained a key action area.  More than 51.000 SMEs received financing 
for almost EUR 1 300 million under the Loan Guarantee Facility, and guarantee agreements 
were  signed  in  17  countries.    Information  events  on  Access  to  Finance  saw  over  3000 
participants attending events in 2015. And under the Your Europe Business Portal with its 1.6 
million unique visitors the second most visited section is funding.    

COSME,  including  the  integrated  business  support  services  of  the  Enterprise  Europe 
Network,  contributed  to  facilitating  SMEs'  access  to  finance  and  markets,  to  decrease  the 
disproportionate administrative burden and to promote entrepreneurship across the EU. As an 
SME-focused programme, the COSME actions complement other EU programmes and build 
on the solid experience from the predecessor programmes.  

10 

 
 
 
 
 
 
 
ANNEX 

Table: COSME total budget available in 2015 for commitments 

Budget line 02 01 04 01 for administrative expenditures  

Voted budget, available after transfers:   
Other external assigned revenue: 
Contributions from third-countries: 

3.864.722 
               154.176 
   180.585 

Total Budget available for commitments: 

4.199.483 

Budget line 02 01 06 01 for the functioning of the EASME agency:  

Voted budget, available after transfers: 
Other external assigned revenue: 
Contributions from Third-countries:   

 8.047.977 
      37.329 
      27.158 

Total Budget available for commitments: 

 8.112.464 

Budget line 02 02 01 for all other operational expenditure 

Voted budget, available after transfers: 
Transfer/carry-over: 
Contributions from Third-countries:   

Total Budget available for commitments: 

105.648.672 
    3.447.990 
     8.254.157 

117.350.819 

Budget line 02 02 02 for access to finance operational expenditure  

Voted budget:  
Contributions from Third-countries:   
EFTA contribution 
Additional internal transfers   

Total Budget available for commitments: 

174.791.725 
  12.141.530 
       139.833 
  12.963.909 

200.036.997 

11 

 
 
 
 
 
  
 
 
 
    
 
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
 
          
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
          
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table: COSME budget execution in 2015 

 Commitments13 

Payments11 

Budget 
Line 

Budget 
available 

Budget 
implemented 

Implemen
tation 

% 

Credits 
available for 
payments 

Payment 
executed 

Execution 

% 

02 02 02  Access to Finance 

200.036.997 

200.036.997 

100% 

110.884.513 

98.601.480 

88,92% 

02 02 01 

Access to Markets, Business Environment & 
Entrepreneurship  

total budget 
committed in 2015 
including carry-
overs for 020201 

actions carried-
over to 2016 

actions carried-
over to 2016 

Carried 
over 
EASME 

Carried 
over 
GROW 

02 01 04 
01 

Administrative 
Budget 

02 01 06 
01 

EASME - 
Administrative 
Budget 

Operational 
Budget committed 
in 2015 including 
carry-overs  

Total budget 
implemented, 
including adm. 
Expenses, after 
execution of the 
carry-overs 

COSME 
Total 

117.350.820 

115.358.094 

98,30% 

103.628.436 

93.181.924 

89,92% 

33.590.388 

33.104.718 

98,55% 

1.515.000 

889.700 

58.73% 

3.864.722 

3.799.959 

98,32% 

3.864.722 

653.053 

16,90% 

8.047.977 

8.047.977 

100,00% 

8.047.977 

8.047.977 

100,00% 

329.300.516 

327.243.027 

99,38% 

329.300.516 

326.132.058 

99,04% 

226.425.649 

200.484.435 

88,54% 

13 Including the voted budget, third countries and EFTA contributions and transfers 

12