29.06.2010

The Managing Authority of Operational Programme Development of the Competitiveness of the Bulgarian Economy has made a payment of EUR 199 million to the European Investment Fund within Priority Axis 3 with the purpose of setting up a Holding Fund.

Thus the JEREMIE Initiative has been launched. It is focused on SMEs and implemented through a Holding Fund. In a crisis environment the Fund will provide support to enterprises within the framework of three equity funds.

The first one is a venture capital fund earmarked for starting micro enterprises. Its capital is EUR 30 million of which EUR 21 million from JEREMIE and EUR 9 million from other investors. The purpose of the second one is to increase the capital of small operating enterprises that need equity. That fund will dispose of EUR 60 million of which EUR 30 million from JEREMIE and EUR 30 million from other investors. The third fund is a Mezzanine Fund that will operate both as equity participation and lending instrument with EUR 60 million of which EUR 30 million from JEREMIE and EUR 30 million from other investors.

The fiscal reserve has been temporarily reduced by the sum transferred until the amount is reimbursed by the European Commission to the National Fund within the Ministry of Finance.