News and Analysis
A New Team at the Fund of Funds Provides Information on Opportunities to Obtain EU Financing
Interested final recipients can now turn to the newly-established Coordination Unit
A Coordination Unit has been set up at the Fund of Funds, with the main purpose to facilitate access to information for interested final recipients on the opportunities to obtain EU financing.
Today, 24 October 2018, the Council of Ministers of the Republic of Bulgaria adopted a decree amending the budget of the Ministry of Finance. The amendments allow for an increase in the capital of the Fund of Funds, in order to make the financial provisions for the Unit’s operations.
The Fund of Funds produces a national plan for the management of resources earmarked for financial instruments (FIs) under operational programmes co-financed from the European Structural and Investment Funds (ESIFs). This helps achieve more efficient and sound management and economies of scale, and build professional expertise at the national level related to fund management.
In view of the expansion of the scope and the significant increase in the volume of funds earmarked for financial instruments for the 2014-2020 programming period, which is expected to continue as a trend during the next programming period, 2021-2027, the complexity from the viewpoint of the European citizens, businesses and the regions is growing and could pose a challenge.
The purpose in the establishment and operation of a Coordination Unit within the structure of the Fund of Funds is to respond to a wide range of enquiries about project ideas, proposals and investment plans at various stages of development or readiness by providing expert opinions and advice on financing opportunities, including blending, in the public and the private sector. The unit will also provide additional support, assistance and orientation in terms of the relevant national and European institutions that have competence in terms of the implementation of a given project or its financing.
Created on the basis of a Memorandum of Understanding between the Ministry of Finance and the European Investment Bank, its purpose is to operate successfully as a single point of access to the complex system of European funds, programmes and instruments implementable in Bulgaria. Early identification of financing opportunities from the ESIFs and the European Fund for Strategic Investments (EFSI), including blending, as well as the provision of coordination among the stakeholders in the public and the private sector, can provide an impetus to the implementation of project ideas and proposals, as well as the overall investment process in Bulgaria.