site.btaBill to Ratify NATO Innovation Fund Limited Partnership Agreement Is Adopted by Parliamentary Committee

The Parliamentary Committee on Economic Policy and Innovation passed at second reading the bill to ratify the Innovation Fund Limited Partnership Agreement, submitted by the Council of Ministers on October 26, 2023. The explanatory memorandum to the bill states that its adoption will confirm the desire expressed by the Bulgarian Government to implement a proactive high-tech policy and to strengthen Bulgaria's participation in NATO innovation policy.

The NATO Innovation Fund will be funded by participants on a voluntary basis. The amount of funding is expected to be around EUR 1 billion over 15 years.

Outgoing Deputy Minister of Innovation and Growth Martin Gikov said that the NATO Fund's investment strategy is based on selecting the best dual-purpose companies that would "turn around" an industry. Professional managers are chosen to select the best projects, which will be proposed to defence ministries across different countries to be validated and accepted as part of their defence system, Gikov said.

Aleksandar Valchev of There Is Such a People said that his party will support the bill. He added that Bulgaria is entering into the Fund with a relatively small amount of money, which would then allow the country to access projects and money that will lead to innovation.

Kliment Shopov of Vazrazhdane expressed doubt that any money would come to Bulgaria under this Fund.