site.btaGovernment Sets Up Bulgarian Financial Instruments Manager Fund

Government Sets Up Bulgarian Financial Instruments Manager Fund

Sofia, July 15 (BTA) - The Council of Ministers on Wednesday set up a Bulgarian Financial Instruments Manager Fund (BFIMF) as a state-owned single-shareholder joint stock company, the Cabinet's Press Service reported.

This so-called "funds' fund" will be in charge of managing the financial instruments for Bulgarian programmes co-financed by the European Regional Development Fund, the European Social Fund, the EU's Cohesion Fund, the European Agricultural Fund for Rural Development, and the European Maritime and Fisheries Fund.

BFIMF's capital will amount to 50,000 leva, consisting of 50,000 registered shares with a nominal value of 1 lev each, all of them owned by the Bulgarian state. The money will be taken from the central executive budget. To this end, the Council of Ministers amended the Finance Ministry's budget scheme for 2015.

The ministers also approved BFIMF's statutes. The Finance Minister will exercise the rights of the state in the company and will sign contracts with the members of its Supervisory Board. The Supervisory Board will be elected upon proposals by cabinet ministers.

The "funds' fund" will make financial resources more accessible by promoting the efficient use of the financial instruments available for the 2014-2020 programming period in view of boosting economic growth and employment and improving the business environment, the press release said.

BFIMF will also serve as a holding fund for the JEREMIE instrument under Operational Programme "Development of the Competitiveness of the Bulgarian Economy 2007-2013" and the JESSICA instrument under Operational Programme "Regional Development 2007-2013." This will happen after the expiry of the financial and framework agreements of the Bulgarian government with the European Investment Fund (concerning JEREMIE) and the European Investment Bank (concerning JESSICA).