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Dec 13, 2017 18:35 EEST
December 13 (SeeNews) - Slovenia's Fund of Funds (FOF), set up by the country's economy ministry and the National Promotional Bank SID Bank, has received the first 63.25 million euro ($74.4 million) of an expected 253 million euro in refundable European cohesion funding, the government said.
The FOF is run by SID bank and is meant to optimise the management of EU cohesion funds aimed to promote financing sustainable economic growth and development, the government said in a statement earlier this week.
Financial instruments will be developed in four areas: research, development and innovation; small and medium-sized enterprises; energy efficiency; and urban development.
SID Banka will prepare concrete conditions for financial instruments in the form of loans, guarantees and (quasi) equity financing in the first half of 2018, when it will also select financial intermediaries to make available the funds to the final recipients, the government explained.
"The advantages or benefits of the financial instruments for final recipients will be reflected in longer maturities, lower interest rates, lower credit insurance requirements, lower costs and the possibility of deferring repayment of the principal," it added.
The FOF was set up in November this year.
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