Fund Manager of Financial Instruments in Bulgaria EAD (FMFIB) is a state-owned financial institution represented by the Minister of Innovation and Growth

It was established by a decree of the Council of Ministers on 22 July 2015 for the purpose of implementing financial instruments under operational and other programmes co-financed by the European Structural and Investment Funds (ESIF).

Currently FMFIB has signed agreements for the management of financial instruments with the Managing Authorities of Competitiveness and Innovation in Enterprises Programme 2021-2027, Research, Innovation and Digitalisation for Smart Transformation Programme 2021-2027, Development of Regions Programme 2021-2027, Education Programme 2021-2027 and Environment Programme 2021-2027 with a total resource of about BGN 1.9 billion. FMFIB performs the functions of а Fund of Funds (FoF) by allocating targeted public funds from European programmes and national co-financing through specialised financing schemes (financial instruments).

The main activities of the FMFIB include:

• Conducting market consultations to prepare a preliminary assessment of the demand and supply of financial products in the relevant fields and among selected target groups;
• Structuring debt and (quasi-) equity financial instruments and term sheet specifications;
• Conducting an open and transparent selection of financial intermediaries that in turn provide the necessary co-financing and deliver financial products to the final recipients;
• Entering into operational agreements with financial intermediaries;
• Monitoring, risk management, operational and financial reporting of the financial instruments and follow up of the achievement of the goals set in the relevant European programme - the source of the public resource.