site.btaUPDATED Bulgaria Assigns European Investment Fund to Manage Three Investment Funds With Budget BGN 180 Mln

The Bulgarian Ministry of Innovation and Growth has mandated the European Investment Fund (EIF), part of the European Investment Bank (EIB) Group, to manage three equity financial instruments of the National Recovery and Resilience Plan (NRRP). The mandate foresees the implementation of three equity products with a budget of up to EUR 180 million.

The mandate was issued with the signatures of the Minister of Innovation and Growth Alexander Pulev, EIB Vice President Lilyana Pavlova and the Director of the EIF and Head of Mandate Management Hubert Cottogni.

The Bulgarian Ministry of Innovation and Growth has mandated the European Investment Fund (EIF), part of the European Investment Bank (EIB) Group, to manage three equity financial instruments of the National Recovery and Resilience Plan (NRRP). The mandate foresees the implementation of three equity products with a budget of up to EUR 180 million.

The mandate was issued with the signatures of the Minister of Innovation and Growth Alexander Pulev, EIB Vice President Lilyana Pavlova and the Director of the EIF and Head of Mandate Management Hubert Cottogni.

Pulev said that there are four procedures in support of the business under his Ministry. The document signed Thursday will provide a considerable resource that will support and strengthen the image of the Ministry as working for the entrepreneurs, startups, young and smart people, he noted.

Pavlova noted that the trust received from the Bulgarian government to manage money from the country's NRRP is very important for EIB, as a bank that has been operating in Bulgaria for many years, with different instruments and experience in supporting enterprises.

Cottogni also stressed that this mandate is a matter of trust in the EIF as part of the EIB.  According to him the BGN 180 million is the right amount to help small and medium-sized enterprises (SMEs). Cottogni said that the impact of inflation and the rising costs of SMEs in Europe and in Bulgaria is leading to a more conservative lending policy, which is why equity instruments are very valid for companies. Once this agreement is ratified by Parliament, fund managers will be notified to manage these finances and translate them into real market changes, Cottogni added.