EBRD and EU launch EUR 20 mln programme to support innovation in Romania, Bulgaria and Latvia

The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) have launched a new financing programme that supports investment in research and innovation by small and medium-sized enterprises (SMEs) and mid-caps in Bulgaria, Latvia and Romania.

The Horizon 2020 programme will offer up to 200 selected enterprises financial and advisory support with EUR 20 million worth of EU funding. 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.

In Bulgaria and Romania, the programme aims to increase innovative SMEs’ competitiveness with the provision of financing, advisory services and training. Additionally, in Romania, EBRD credit lines extended to financial institutions will be on-lent to SMEs and small mid-caps investing in innovation.

Moreover, in all three countries, the programme will provide green innovation support via technical assistance and co-financing grants for projects with SMEs and mid-caps which are directly financed by the EBRD.

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