Fund Manager of Financial Instruments in Bulgaria (FMFIB)
The Fund of Funds (Fund Manager of Financial Instruments in Bulgaria) manages BGN 1.2 billion, or over EUR 660 million, under four operational programs: OP "Human Resources Development“, OP "Innovation and Competitiveness“, OP "Environment“ and OP "Regions in Growth“.
The Fund's main activity is the structuring and management of financial instruments co-financed by the European Structural and Investment Funds during the 2014-2020 programming period. Financial instruments are an alternative way of grant financing, which is gaining an increasingly important role in the European Union budget. Targeting projects that could potentially begin self-sustaining, they provide investment support through loans, guarantees or equity investments. In this way, business and public institutions are supported for economic development. Financial instruments allow for the return (recycling) of funds that can be reused.
The Fund of funds selects financial intermediaries - banks, funds, credit and other financial institutions. In turn, the elected financial managers mobilize additional private capital and significantly increase the public resource that they provide to the final recipients.
All funds provided under the aforementioned Operational Programs for Financial Instruments are united in a common Fund of funds, and the company managing it is FMFIB EAD.