The European Commission and the European Investment Bank (EIB) have today presented a model financial instrument aimed at easing access to finance for agricultural producers, including young farmers. This is the first new product developed in the framework of the Memorandum of Understanding on co-operation in agriculture and rural development within the EU, signed in July 2014. Speaking at the event, Commissioner Hogan said: “Financial instruments can help us to get even more value out of rural development policy, the second pillar of the Common Agricultural Policy. By getting credit flowing more freely, they can turn one euro of public money into two euros, three euros or even more of secured loans to help our farmers, particularly young farmers, and other rural entrepreneurs create growth and jobs. The joint work by the Commission and the EIB, set out in detail today, marks a huge step forward towards making that happen.” Commissioner Hogan invited Member States to set up financial instruments in their rural development programmes in order to benefit from the opportunities provided.