29. 5. 98 Official Journal of the European Communities L 155/43 (Acts whose publication is not obligatory) COUNCIL COUNCIL DECISION of 19 May 1998 on measures of financial assistance for innovative and job-creating small and medium-sized enterprises (SMEs) — the growth and employment initiative (98/347/EC) THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 130(3) thereof, Having regard to the proposal from the Commission ('), Having regard to the opinion of the European Par- liament (3, Having regard to the opinion of the Economic and Social Committee (%), Having regard to the opinion of the Committee of the Regions (%), (1) Whereas the European Council, meeting in Amsterdam on 16 and 17 June 1997, in the context of measures for the alleviation of unemployment, invited the European Investment Bank (EIB) and the European Investment Fund (EIF), inter alia, to develop a facility to provide venture capital for high- technology projects of SMEs and by so doing, acknowledged, not only the link between SMEs, innovation and technology, and new jobs, but also the role of risk-capital in underpinning job-creation; (2) Whereas the European Special Council on Employ- ment, meeting in Luxembourg on 20 and (") OJ C 108, 7. 4. 1998, p. 67. () OJ C 138, 4. 5. 1998. () Opinion delivered on 26 March 1998 (not yet published in the Official Journal). () Opinion delivered on 17 April 1998 (not yet published in the Official Journal). 21 November 1997, welcomed the European Par- liament’s Growth and Employment Initiative, pro- viding for the strengthening of budgetary resources earmarked for employment; whereas in its decision on the 1998 budget, the European Parliament in agreement with the Council created a new heading B5-5 (Labour market and technological innovation) for the financing with ECU 450 million over three years (1998 to 2000) of SMEs and of innovative actions and projects in the labour market; whereas, within this, ECU 30 million has been allocated in 1998 for innovative actions and projects in the labour market; whereas the European Council invited the Commission to make proposals, as soon as possible, for new financial instruments to support innovative and job-creating SMEs, as part of this initiative, so that the Council can adopt them speedily; whereas these new instruments must reinforce the European Technology Facility, financed by the European Investment Bank and administered by the European Investment Fund, by opening a ‘risk capital window’, supporting the creation of transnational joint ventures between SMEs within the European Union and establishing within the European Investment Fund a special guarantee fund to facilitate risk-taking by institutions providing finance for small and medium-sized enterprises; Whereas the EIB and EIF have already responded by creating the European Technology Facility (ETF), which will provide venture-capital for technology oriented SMEs by using established venture-capital funds as intermediaries;