Horizon Innovation Financing Facility

cancelled

Establishment of Horizon Innovation Financing Facility, a framework for providing senior loans to participating financial institutions ("PFIs") in Romania for on-lending to micro, small or medium-sized enterprises ("SMEs") and smaller medium-sized enterprises ("small mid-caps") that are innovative or investing in innovative projects in Romania. The framework benefits from grant funding from the European Union. The ultimate objective of the framework is to improve the innovation capacity of SMEs and small mid-caps in Romania enhancing their competitive market positioning. The framework is the first EBRD financing facility dedicated specifically to innovation financing. The expected transition impact derives from the Competitive and Resilient transition qualities. The introduction of new and innovative products and processes has the potential to significantly enhance the efficiency and raise productivity levels of Romanian companies, which is one of the country strategy priorities, while simultaneously seeking to address the low R&D spending in the private sector. This will contribute to the Competitive quality. The improved product offer of the PFIs and their strengthened capacity to assess innovative firms and projects may open up an additional financing venue for Romanian companies and thus support the Resilient quality. PFIs may be commercial bank or other financial institutions operating in Romania. EUR 50,000,000.00 EUR 50,000,000.00 The Framework's Technical Cooperation ("TC") component comprises technical assistance package to PFIs and eligible beneficiaries as well as grants to eligible beneficiaries in the form of investment incentives for successful completion of their innovative projects. The TC funds in the amount of EUR 12.5 million are provided by the European Union under the Horizon 2020 Research and Innovation Programme. The Framework's Technical Cooperation ("TC") component comprises technical assistance package to PFIs and eligible beneficiaries as well as grants to eligible beneficiaries in the form of investment incentives for successful completion of their innovative projects. The TC funds in the amount of EUR 12.5 million are provided by the European Union under the Horizon 2020 Research and Innovation Programme.