November 9 (SeeNews) - North Macedonia's Fund for Innovation and Technology Development, FITR, said that it has created a 27 million euro ($31.3 million) hybrid investment fund which will support local and regional startups.
North Macedonia's government will participate in the fund with 10 million euro, whereas the remaining 17 million euro will be private capital from international financial institutions, FITR said in a press release on Monday.
The fund’s investments will range from 100,000 euro to 1.5 million euro.
The fund is expected to be launched in 2022 and will be managed by an internationally selected Fund Management Company, which is registered in accordance with the EU Law on Alternative Investment Funds, the statement read.
FITR was established in 2013 with the aim to encourage innovation by providing additional funding sources to companies.
($ = 0.8629 euro)