The EBRD and the EU have launched a new financing program that supports investment in research and innovation by small and medium-sized enterprises (SMEs) and midcaps in Bulgaria, Latvia, and Romania.
Launched at an event in Bucharest today, the Horizon 2020 program is offering up to 200 selected SMEs financial and advisory support.
The financing targets these three countries as they have some of the lowest scores on the EU’s innovation scoreboard, which assesses innovation capacities and outcomes. Innovation support represents a strategic growth opportunity for transition countries to switch towards knowledge-based and low-carbon economies.
The support will be deployed in all three countries green innovation support via technical assistance and co-financing grants for projects with SMEs and mid-caps which are directly financed by the EBRD. This channel is also supported with technical assistance from the TaiwanBusiness-EBRD Technical Cooperation Fund.
Under the framework, €20 million of EU funding is being made available for EBRD efforts to help SMEs and midcaps in Bulgaria, Latvia, and Romania. Under the EU definition, SMEs are companies that have an annual turnover of less than €50 million and fewer than 250 employees. Midcaps are defined in terms of headcount, with a limit of up to 3,000 employees.
The EBRD’s collaboration with Horizon 2020 reflects the Bank’s commitment to building competitive, resilient and green economies in its regions of operation. To date, the Bank has invested around €3.9 billion in Bulgaria, €697 million in Latvia and more than €8.3 billion in Romania.
