In the presence of Mr. Stefan Savov, Deputy Minister for Innovation and Growth, the Fund of Funds (FoF) and the Vienna Economic Forum (VEF) launched today a partnership between the two institutions. The partnership will aim to evolve into a regional platform for exchange of ideas and experience. By signing a Memorandum of Understanding (MoU) with the FoF, the Vienna Economic Forum will expand its broad network of contacts by adding a structurally important Bulgarian institution which provides financing for development. On its part, the Fund of Funds will benefit from the opportunity to collaborate with a key platform for strategic economic cooperation in the region of Southeast Europe.

A major impact of the MoU will be the focused development of a regional ecosystem of key stakeholders in the area of development financing. Dialogue and coordination of efforts among key actors will not only strengthen the impact of their interventions, but will also contribute to making yet another step towards the economic and social integration of the region.

The key dimensions of inter-institutional cooperation agreed by the two parties are:

• mutual support for initiatives implemented by the parties and aimed at expanding their partnership networks, range of activities and target audiences;
• organization of events to which the parties will actively contribute as co-organizers and by inviting speakers and participants recognised for their expertise;
• exchange of economic and business information of mutual interest.

At the signing of the Memorandum Deputy Minister Savov said that the cooperation between the two organizations will be related to the mutual support for initiatives carried out by each of them. He pointed out that the two parties will exchange economic and business information of mutual interest.

Mr. Martin Gikov, FoF CEO and Chairman of the Board of Directors: “We are extremely happy that the Fund of Funds will partner with the highly appreciated Vienna Economic Forum. I strongly believe that by achieving our shared goals we will successfully increase the uptake of financial instruments in Bulgaria and, in addition, leverage the potential of our region for economic growth.”

Ambassador Dr. Elena Kircheva, Secretary General of the VEF, made the following comments: “I wish to express how glad I am that the Vienna Economic Forum and the Fund of Funds have now signed a Memorandum of Understanding. Established in 2004 under the Austrian law, the VEF is a Bulgarian initiative! Accordingly, every opportunity to foster economic growth of and between the 13 Member Countries and achieve economic consolidation of the region defined as ‘From the Adriatic to the Black Sea’ through stronger, more proactive and more innovative Bulgarian participation makes me deeply delighted and proud.”

The Fund of Funds (FoF) is a fully state-owned joint-stock company mandated to implement in Bulgaria the financial instruments co-financed by the European Structural and Investment Funds (ESIF). The FoF manages public resources exceeding EUR 660 million and offers to the market a wide range of products for the financial sector, including guarantees, loans, equity investment funds, and many more.

The Vienna Economic Forum (VEF) was established in Vienna in 2004 with the strategic objective to foster regional economic cooperation among the VEF Member Countries in the wide region spanning from the Adriatic Sea to the Black Sea. The VEF consistently engages in activities designed to support and promote investment opportunities in Southeast Europe and thereby contribute to the improvement of the regional business environment. The Forum maintains strategic partnerships with companies and entrepreneurs which have earned international recognition for their expertise. Participants in the annual meetings organised by the VEF include high-profile members of the business community, diplomats from Southeast Europe and financial experts at regional and international level.

Ambassador Dr. Elena Kircheva founded the VEF as an organization under the Austrian law. Dr. Elena Kircheva sat in the Seventh Grand National Assembly (the Bulgarian Parliament) as an MP elected on the ballot of the Bulgarian Agrarian National Union (BZNS). Since then she has served as Bulgarian Ambassador in Switzerland, Lichtenstein, Finland and Austria. Dr. Elena Kircheva is Board Member and Secretary General of the VEF since 2005.