FMFIB: Fund Manager of Financial Instruments in Bulgaria – a multi-sector fund of funds

The Fund Manager of Financial Instruments in Bulgaria (FMFIB) is a Holding Fund that manages EU shared management resources through 13 different financial instruments on behalf of five Bulgarian managing authorities. A robust organisational structure has been set up which has allowed specialist expertise to be recruited and retained. This has allowed standardised procedures to be developed, for example in connection with selection, monitoring and audit, securing economies of scale and ensuring experience gained with one financial instrument to benefit future operations. This case study highlights the steps taken to set up the Holding Fund and features the financial instruments set up under the ERDF ‘Innovation and Competitiveness’ and ‘Regions in Growth’ operational programmes.