In its decision, the Supreme Administrative Court fully upholds the Fund of Funds’ (FoF) decision regarding the selection of financial intermediaries under the “Entrepreneurship Fund”, including the rationale and the evaluation performed.

Following the outcome of the appeal, the FoF will proceed with the relevant actions in accordance with the law.

The financial instrument consists of three funds with a total budget of EUR 100 million. Additional private co-financing is expected to be attracted, bringing the overall investment to around EUR 150 million. The funding is provided under the “Competitiveness and Innovation in Enterprises” Programme 2021–2027, co-financed by the European Union through the European Regional Development Fund.

The funds will be established for a period of 10 years, with the possibility of a 2-year extension, and will make equity and quasi-equity investments.