Financial and business news from Bulgaria

Increase the capital of the Fund of Funds

The Government approved amendments to the budget of the Ministry of Finance, which will provide the possibility of increasing the capital of Fund Manager of Financial Instruments in Bulgaria EAD (Fund of Funds) - a cash contribution amounting to BGN 590 000 from the budget of the Ministry of Finance. The capital increase will be carried out by issuing new name shares with a nominal value of BGN 1 each. This was reported by the press office of the Cabinet of Ministers.
The funds are for the financial provision of the project information and financing management activities (previously “Coordination Unit”) for 2021, as well as for the implementation of the pillar assessment of the company necessary for the application of the InvestEU Fund of Funds as a partner on the implementation of the European Commission.

Project Information and Financing Management successfully functions as a single point for coordination activities and provision of information to stakeholders in order to quickly and successfully implement investment projects in Bulgaria, including the possibility of combining funding from the European Structural and Investment Funds for the period 2014-2020 with funds provided through the European Investment Bank. The proposed amendments aim to improve access to information for stakeholders and institutions, representatives of both the state and private sectors. The activities of the unit are also in fulfillment of international commitments of our country and in particular the Memorandum of Understanding between the Republic of Bulgaria and the EIB, signed on 13.12.2016 in Luxembourg.

The participation of the Fund of Funds in the InvestEU programme will contribute to expanded competences and new opportunities for financial instruments, increasing the capacity of the company's expertise, facilitated procedures and greater flexibility, the possibility of blending funds from different funds, new partnerships, increased reputation at European level, etc.