site.btaFund Manager Reports on Performance in 2014-2020

At a forum here on Monday, the Fund Manager of Financial Instruments in Bulgaria (Fund of Funds) presented the results and the macroeconomic effects of the implementation of the financial instruments in 2014-2020.

The forum looks into how financing in the past years has impacted the economic development of the country and the Fund’s plans to continue the investment support in the new multiannual financial framework.

Deputy Innovation Minister Krassimir Yakimov said: “Never before in the history of the management of EU funds in Bulgaria there has never been such abundant resources for the business.”  Yakimov recalled that at the end of 2022 through political will and active dialogue with the European Commission have managed to agree base resources for the Ministry of Innovations and Growth totalling BGN 5 billion. In the beginning of 2023, BGN 1.3 billion were redirected for the structuring of debt and equity instruments.  Two agreements have been concluded between the Fund and the Innovation Ministry which allow to restructure debt and equity instruments.

In the summer of 2023 the Fund concluded an agreement with the Managing Authority of the Operational Programme Regions in Growth, mandating the Fund to manage the funds for urban and regional development with a total budget of BGN 460 billion.

"As a result at the end of 2023 the disbursing of resources began. The first selection procedure under the Entrepreneurship Fund with a budget of EUR 100 million, has attracted much interest,” said Yakimov, adding that the procedure is a very advanced stage and in the second half of the year the new fund managers will be elected which in turn will structure the equity funds. In this way in the shortest time the money will reach the business.

"In the coming weeks, we expect to gradually start announcing the selection of financial instruments for the urban development funds, the debt instruments for the circular economy, the equity instrument for innovation in enterprises and the technology transfer fund to build a bridge between science and business," the Deputy Minister said.