This document aims to describe a model financial instrument that managing authorities may use for quasi-equity financial instruments co-financed with shared management funds. The model financial instruments are intended to provide a number of examples pointing to the potential for managing authorities to use quasi-equity financial instruments in the 2021-2027 programming period.

This case study presents Alter’NA, the European Agricultural Fund for Rural Development (EAFRD) financial instrument, introduced in the Region of Nouvelle-Aquitaine in France with resources from the Rural Development Programme (RDP) 2014-2020 (incl. EUR 18.55 million of EAFRD and EUR 16.45 million national co-financing) and up to EUR 6 million from the European Fund for Strategic Investment (EFSI).