Operational Programme Innovations and Competitiveness 2014-2020 (OPIC) includes financing from the European Regional Development Fund (ERDF) and national co-financing, of a total of BGN 2 484 169 903.16, allocated along five priority axes.
The Programme is directly committed to smart growth (by means of Priority Axes 1 and 2) and sustainable growth (by means of Priority Axes 3 and 4), aiming at a complementary effect in terms of inclusive growth.
In the context of those goals, the programmed financial instruments must contribute for the improvement of innovation, energy efficiency and competitiveness of enterprises, with a focus on SMEs.
A Financing Agreement between Bulgaria’s Ministry of Economy, as the Managing Authority for the Programme, and Fund Manager of Financial Instruments in Bulgaria EAD (FMFIB EAD) was signed on 1 August 2016. Under the agreement, FMFIB EAD is contracted to manage BGN 459 620 050 from OPIC 2014-2020, earmarked for providing support through financial instruments.
The resources budgeted for financial instruments in OPIC 2014-2020 will be made available to eligible final recipients in the form of loans, guarantees, equity and quasi-equity participation.
The financial instruments for implementing OPIC 2014-2020 are embedded in:
- Priority Axis 1: Technological development and innovation: Technology Transfer Fund, and guarantees covering losses on a loan portfolio, with a cap on losses, for innovation in enterprises;
- Priority Axis 2: Entrepreneurship and capacity for growth of SMEs: Mezzanine/Growth Fund, Seed/Acceleration and Start-up Fund, and Venture Capital Fund, and financial instrument for shared-risk micro-financing;
- Priority Axis 3: Energy and Resource Efficiency: guarantees covering losses on a loan portfolio, with a cap on losses, for energy efficiency in enterprises.