A venture fund for financing scientific research projects to become operative as of January 2012

As of January 2012, а venture fund for financing scientific and technical projects will become operative, announced the Co-Chair of the Council on Innovation with the Bulgarian Chamber of Commerce and Industry (BCCI), Yosif Avramov after the meeting with representatives of the European Investment Fund. The funds will be granted in several phases. In January, the first stage for the transfer of €30 mln will start, followed by two stages for €60 mln each. The fourth stage for the remittance of €21 mln is scheduled for April. The venture fund will operate on market principles, while beneficiaries will not rely solely on EU funds but will seek private investors as well. This will encourage the interaction between the business sector and the scientific community. Yesterday, the Chairman of the Federation of the Scientific - Engineering Unions in Bulgaria, Academician Vassil Sgurev and BCCI Chair, Tsvetan Simeonov signed a memorandum of cooperation.

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