Fund of Funds

We have a tad over BGN 8 billion in the state treasury, but 6 of them we cannot touch. We actually have a little over BGN 2 billion. We're implementing the budget as it was planned. There was a bit of a delay in collecting excise duty, but we caught up, said caretaker Finance Minister Assen Vassilev on BTV.

The parliamentary ad hoc Committee on detection of abuses and violations in the spending by the Council of Ministers, the Ministries, the state authorities, the state-owned enterprises and companies with more than 50 per cent state participation in the last 10 years has submitted 22 signals for corruption and financial abuse to the Prosecutor's Office of the Republic of Bulgari

Ljubljana – Loans in the total amount of EUR 30 million have been made available to small and medium-sized enterprises (SMEs) as part of a loan guarantee scheme provided by the SID Banka export and development bank for projects intended for research, technological development and innovation.

 „We have redirected resources worth of BGN 500 million to the competitiveness program. Thus, we released funds from the Bulgarian Development Bank for financial instruments. The new design of the measure is currently underway. Under the 60/40 payroll support measure, nearly BGN 800 million reached the business," said Minister of Economy Lachezar Borisov.

At today's regular meeting, the government approved changes to the budget of the Ministry of Finance for 2020 to increase the capital of the Fund of Funds with a cash contribution of BGN 375,000. The increase of the capital of the company will be carried out by issuing new registered shares with a nominal value of BGN 1 each.

Tighter regulations on food supplements have been requested by Biotech and Health Cluster Bulgaria. The issue was pointed out during a discussion forum on „Bulgaria's Opportunities to Become an European Hub for Preclinical Studies and Phases 1,2,3 and 4". Further options for certification of biotechnology laboratories and mapping of preclinical testing centers were discussed.

High-tech companies can get between BGN 1.5 and 7 million thanks to a contract signed between the Fund of funds manager and the Venture Capital Fund.

The Fund of Funds has signed an operational agreement with the investment intermediary "Innovation Accelerator Bulgaria" for investment in startups.

The Executive Director of the Bulgarian Small and Medium Enterprises Promotion Agency / BSMEPA / Dr. Boyko Takov will participate in the opening of SMART GROWTH - the first Economist magazine  conference for small and medium-sized business.

Bulgaria plans to set up a state-owned firm in charge of managing EUR 777 M of EU funds over the 2014-2020 programming period, Finance Minister Vladislav Goranov has said.