On October 20, 2025, at an official event in Sofia, the Fund Manager of Financial Instruments in Bulgaria (FMFIB) celebrated 10 years since the organization's establishment. The celebration was attended by representatives of ministries and governing bodies, experts from the Fund's partner network – investment intermediaries, banks, European institutions, accelerators, and academia.
The attendees were greeted by the Deputy Minister of Innovation and Growth, Krasimir Yakimov, and special video messages were sent by Ekaterina Zaharieva, European Commissioner for Start-ups, Research and Innovation, and Frank Lee, Head of the European Investment Advisory Hub at the EIB.
"FMFIB has established itself as a strategic partner for the bold ideas of innovators and start-up companies and has shown over the years that European funds can not only be managed, but also multiplied, creating new jobs, support new business ideas, qualitatively change our environment, and create added value," said Krasimir Yakimov in his address, adding that institutions have a responsibility not only to solve companies' problems but also to be their partner and guarantor of their sustainable development.
"FMFIB has changed the way our country uses European Union funds. The organization not only manages resources, but has also built a new culture of investment thinking. Ten years ago, financial instruments were relatively new and difficult to understand. Today, they are a proven driver of growth, innovation, and employment," said European Commissioner Ekaterina Zaharieva in her address. She added that the Fund is an example of how European policies are turning into tangible results here in Bulgaria, with over 3,500 companies supported in the public and private sectors and over BGN 1 billion in public resources invested, to which has been added an equal amount of private investment. According to her, in just a decade, the available risk capital in Bulgaria has grown tenfold, and Bulgaria is now among the leading countries in Europe in terms of the share of funds directed towards financial instruments. Our country is a start-up leader in Southeast Europe – a result that is backed by the hard work of the company and its partners.
In his address, Frank Lee said: "Our partnership with the FMFIB dates back to 2015, when the Bulgarian Ministry of Finance approached us to set up a national institution to manage the investment of European funds in the regions and small and medium-sized enterprises in the country. We worked in cooperation with the World Bank and the European Bank for Reconstruction and Development, and I believe that together we have achieved a great result. We have established an institution that provides added value and complements the country's banking sector. Over the years, the FMFIB has not only grown, but has also become a valuable partner to the European Commission's fi-compass advisory program, which aims to promote the wider use of financial instruments in cohesion policies. You should be proud of what you have achieved over the years."
The executive directors of the Fund of Funds, Alexander Georgiev, Alexander Nenkov, and Biser Petkov, also addressed the partners present with words of gratitude.
"These ten years have been a time in which we have built trust, gained experience, and shown that a state institution can be a stable partner and a driver of development. Initially, we faced the challenging task of building a new model of public resource management based on transparency, efficiency, and market logic. The road was not easy, but we succeeded thanks to all of you," said Alexander Georgiev.
"70% of all companies that received venture capital financing in the period 2019-2023 are financed by the Fund of Funds. Hundreds of companies continue to operate because they received support from the FMFIB through guarantee instruments to overcome the consequences of the COVID-19 pandemic," said Biser Petkov, thanking the company's principal - the Ministry of Innovation and Growth, the Managing Authorities, who have placed their trust in the Fund by assigning it management mandates, the financial intermediaries - because it is through them that the resources reach the final recipients, the Fund's team and all those who have participated in the work of the organisation to date.
"I would like the FMFIB to play an even more significant role in the Bulgarian economy over the next ten years. The company is not just an institution that multiplies support with European funds. Still, also, an organization that can determine the future of the economy and the growth of Bulgarian companies," said Alexander Nenkov, expressing special gratitude to the Fund of Funds team for their responsible work over the years.
Founded in 2015, FMFIB manages European and national public funds through financial instruments – loans, guarantees, and equity investments – that channel resources to businesses, municipalities, and entrepreneurs. Over the years, the organisation's work has complemented traditional grants with a sustainable and repayable model, whereby European funds and private co-financing are invested, recovered and reinvested in subsequent projects with development potential.
The macroeconomic effects of the company's activities, measured by the Council of Ministers' Administration using the CIBILA 2.0 model, show an increase in Bulgaria's GDP of 2.8%, a 5.4% increase in employment (15–64 years) and a 7.6% increase in private investment compared to a scenario without financial instruments. The fund has supported over 3,550 companies and public projects with resources from European programs, creating 49,500 jobs and investing in all 28 regions of the country. Over 420 of the Bulgarian companies financed through the FMFIB operate in high- and medium-tech sectors.
Today, with a network of over 20 financial intermediaries and dozens of partners in the country and Europe, the FMFIB is recognized as an institutional bridge between business, the public sector, and the investment ecosystem.
The work of the FMFIB over the next decade will focus on technological transformation, green transition, and human capital, with a vision for the Fund to continue to be an investment partner for growth and innovation in Bulgaria.
