The Fund Manager of Financial Instruments in Bulgaria (FMFIB) is a multi-sector Fund of Funds established in 2015 by the Bulgarian government to implement financial instruments (FI) using shared management funds on behalf of several Bulgarian managing authorities. During 2014-2020 programming period FMFIB was entrusted with around EUR 500 million of EU shared management resources across 15 different FIs. EUR 580 M private capital were mobilized in addition to public funds. For instance, 5 equity instruments were established to support innovative SMEs and entrepreneurship (EUR 151 million invested), 3 urban development funds were created to finance projects of public and private entities via risk-sharing loans with embedded guarantee (EUR 275 million invested) and 5 financial intermediaries provided micro-loans worth EUR 18 million to start-ups and social enterprises. The growing impact of these instruments have been highlighted in this presentation. In addition, financial instruments have also been established to support SMEs after the COVID-19 pandemic and investments in environment and agriculture. Over the years FMFIB has proven itself as a leading national promotional financial institution for managing FIs across different sectors. The achieved results and impact by the FI 2014-2020 managed by FMFIB led to a 2-fold increase of the allocated resources in programming period 2021-2027.
| Competition theme: Growing impact Submitting organisation: Fund manager of financial instruments in Bulgaria Type of authority: Fund of Funds / Holding Fund manager Financial instrument name: FIs under 2014-2020 programming period managed by FMFIB |
| Country: Bulgaria Funding source: ERDF/CF Type of financial product: Loans with Embedded guarantee, Equity / Quasi-equity Financial size: EUR 525 000 000 |
