site.btaFund of Funds to Manage BGN 32.6 Mln under Education Programme for 2021-2027

The Fund of Funds Thursday signed a financial agreement with the Executive Agency Programme Education of the Education and Science Ministry, the Fund said. The Executive Agency acts as a Managing Authority of Education Programme 2021-2027.

The total public resource earmarked for financial instruments amounts to BGN 32,649,668, of which BGN 26,023,513 come from the European Social Fund Plus (ESF+) and BGN 6,626,154 are national co-financing. Additionally, private capital is expected to be raised to support start-ups of students and doctoral students.

The signed agreement provides for the creation of equity and debt financial instruments aimed at developing the entrepreneurial potential of undergraduate and doctoral students, with the participation of university lecturers. These products aim to facilitate the access of the target group of final beneficiaries to financing for starting their own business or other entrepreneurial initiatives. More than 220 new companies are expected to be supported. The funds are allocated in a ratio of 75% for equity and quasi-equity investments, and 25% for debt products, including loans and guarantees.

Market consultations will be organized to gather feedback from market participants on their needs and priorities, which will ensure optimal structuring and implementation of the financial products.

This is the fourth financial agreement for the 2021-2027 programming period signed by the Fund of Funds.