The Fund Manager of Financial Instruments in Bulgaria EAD was established by Bulgaria’s Council of Ministers as a special-purpose vehicle fully owned by the State to manage the financial instruments designed to support the implementation of programmes co-financed from the European Structural and Investment Funds, i.e. OP Human Resource Development 2014-2020, OP Innovations and Competitiveness 2014-2020, OP Regions in Growth 2014-2020 and OP Environment 2014-2020, the Rural Development Programme 2014-2020 and the Maritime and Fisheries Programme 2014-2020.
To ensure professional management, coordination and consistency in the implementation of financial instruments, all resources budgeted for the financial instruments under the said programmes have been pooled into a joint Fund of Funds, with the FMFIB as its managing body. The Fund of Funds managed by FMFIB EAD enables a more efficient and effective implementation of financial instruments through specialisation and economies of scale.
Being an important part of the system for managing EU financing, FMFIB EAD complies with the special requirements laid out in EU legislation in terms of economic and financial stability, adequate capacity to implement the financial instruments, including appropriate organisational structure and human resources, good corporate governance systems, efficient and effective internal control systems, reliable accounting systems providing timely, comprehensive and accurate reporting. The FMFIB is subject to audits by the competent national and the European audit authorities, and by the European Commission.
In its operations, FMFIB EAD complies with the relevant European and national rules concerning the implementation of the financial instruments, and the horizontal EU policies and principles laid out in the operational programmes, including with regard to state aid, public procurement, promotion of gender equality and non-discrimination, sustainable development, adjustment to climate change, stakeholder participation in implementation, etc.
The FMFIB is designed to be the Bulgarian institution providing effective sustainable management of ESIF-funded financial instruments.
FMFIB EAD has the mission to provide professional management of the financial instruments by promoting their wider use as a more efficient alternative to grant financing. The ultimate purpose of having the Fund is to provide adequate support for businesses and public institutions with a view of economic development and growth.
FMFIB EAD is called upon to expand opportunities for access to financial resources by efficiently applying the financial instruments in support of promoting growth and ensuring a more favourable business environment through improvements to environmental and transport infrastructure, energy efficiency, promotion of entrepreneurship, innovation, efficient residential waste management and job creation.
The company must ensure professional and efficient management of ESIF financing and making use of the opportunities provided by the financial instruments to multiply public resources by mobilising additional private capital.