What we do
Equity products
Technology Transfer
European Angels Fund (EAF) - Co-investments with Business Angels
Venture capital
The Social Impact Accelerator (SIA)
Lower mid-market
Mezzanine Facility for Growth
Pan-European Venture Capital Fund(s)-of-Funds programme
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
Debt products
AGRI Guarantee Facility
Credit enhancement
Cultural and Creative Sectors Guarantee Facility (CCS GF)
ENSI - Securitisation Initiative
Erasmus+ Master Loan Guarantee Facility
EREM debt products
Single EU Debt Financial Instrument
COSME - Loan Guarantee Facility
InnovFin SME Guarantee Facility
The SME Initiative
The SME Initiative Bulgaria
The SME Initiative Finland
The SME Initiative Italy
The SME Initiative Malta
The SME Initiative Romania
The SME Initiative Spain
Inclusive finance
EaSI Financial Instruments
EaSI Capacity Building Investments Window
EaSI Guarantee Instrument
European Progress Microfinance Facility
Entrepreneurs supported through Progress Microfinance
European Fund for Strategic Investments (EFSI)
How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
Baltic Innovation Fund (BIF)
Competitiveness Fund-of-Funds for SMEs in Romania
Regional Fund-of-Funds Romania
La Financière Région Réunion
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
Dutch Venture Initiative (DVI-II)
Dutch Growth Co-Investment Programme
European Recovery Programme (ERP)
ERP-EIF Co-Investment Growth Facility
ESIF Fund-of-Funds Czech Republic
ESIF Fund-of-Funds Greece
The Silesia EIF Fund of Funds
EstFund
FOSTER TPE-PME Occitanie
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
JEREMIE
LfA-EIF Facility
Luxembourg Future Fund (LFF)
Mezzanine 'Fund of Fund' for Germany (MDD)
Polish Growth Fund of Funds (PGFF)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
The EIB Group Risk Enhancement Mandate (EREM)
Western Balkans Enterprise Development & Innovation Facility II (WB EDIF II)

Call for Expression of Interest No. JER-009/5 to select Financial Intermediaries that will receive resources from the JEREMIE Holding Fund for Bulgaria to implement the following Financial Instrument: Entrepreneurship Acceleration and Seed Financing Instrument

  •  
    Date: 29 August 2011 - 12 October 2011

 

Banner

Call for Expression of Interest No. JER-009/5 to select Financial Intermediaries that will receive resources from the JEREMIE Holding Fund for Bulgaria to implement the following Financial Instrument:  Entrepreneurship Acceleration and Seed Financing Instrument

Reference number: Call for EoI No. JER-009/5 

The JEREMIE initiative is a framework providing a series of coherent actions to promote increased access to finance for micro, small and medium-sized enterprises.

The JEREMIE initiative in Bulgaria is organised through the European Investment Fund (hereinafter, “EIF”), which operates and manages, acting in its name and on its behalf, JEREMIE Bulgaria EAD, a joint stock company incorporated under Bulgarian law wholly owned by EIF (hereinafter, “SPV”). The SPV, and EIF as the SPV’s operator under applicable agreements, constitute jointly the JEREMIE Holding Fund (“JHF”). Through the JHF, EIF manages funds made available from the European Regional Development Fund (hereinafter, “ERDF”) and related public expenditure awarded for utilisation under the JEREMIE initiative.

As part of the Operational Programme “Development of the Competitiveness of the Bulgarian Economy 2007-2013” (hereinafter, “OP Competitiveness”) [1], the Government of Bulgaria has agreed to dedicate resources to the implementation of the JEREMIE initiative with EIF, in accordance with Article 44 of the Council Regulation (EC) No. 1083/2006[2] (as amended, hereinafter, “Reg. 1083/2006”) and in accordance with the provisions of the Funding Agreement (hereinafter, “Funding Agreement”) and Framework Agreement (hereinafter, “Framework Agreement”) entered into on 27 May 2009, and subsequently amended on 29 April 2010, between the Government of the Republic of Bulgaria (hereinafter, “GoB”) and EIF, and the Holding Fund Agreement (hereinafter, “HF Agreement”) entered into on 23 July 2010 between the SPV and EIF (the Framework Agreement, the Funding Agreement and the HF Agreement , hereinafter, collectively the “Agreements”). Relevant rules for implementing Reg. 1083/2006 are set out in the Commission Regulation (EC) No. 1828/2006[3] (hereinafter, as amended, “Reg. 1828/2006”).

The cooperation between the GoB, EIF and the SPV is governed by the Agreements, which define the type of cooperation and the operational modalities of the JHF financing expenditure in respect of an operation, as this term is defined in Reg. 1083/2006 (hereinafter, “Operation”) comprising contributions to support financial engineering instruments. The Agreements also provide for an Investment Board with a consultative function in relation to the JHF activity; the members of which are appointed jointly by the GoB and EIF (hereinafter, “Investment Board”). EIF, in its capacity as operator of the SPV, acts on the basis of its usual business principles and of an investment strategy and planning for the implementation of the JEREMIE initiative in Bulgaria.

JEREMIE initiative is funded from the OP Competitiveness; Priority Axis 3 “Financial Resources for Developing Enterprises”; Area of Intervention 3.1 “Improvement of access to finance for SMEs through instruments of financial engineering”.

This Call for Expression of Interest targets financial engineering instruments referred to in Article 44 of Reg. 1083/2006 and is addressed to bodies or firms, whether public or private, which are interested in receiving resources out of the JHF for the activities in respect of Operations (hereinafter “Financial Intermediaries”). Such activities shall be carried out in accordance with the contractual agreements to be entered into by the SPV and the selected Financial Intermediaries (hereinafter, “Operational Agreement(s)”).

The Financial Intermediaries should express their interest by completing and submitting an Expression of Interest, a template of which is attached hereto as Annex 1

1.     Definitions and Interpretation 

In this Call for Expression of Interest, capitalised terms and expressions shall have the meaning attributed to them below, unless otherwise defined above or the context requires otherwise.  

Applicant

means a Financial Intermediary applying to this Call for Expression of Interest;

Business Day

means a day during which EIF Luxembourg office is open, and banks are open for general business in Sofia and Luxembourg;

Deadline

means 12/10/2011 (45 days from publication);

Eligibility Criteria

means the criteria with which the Expressions of Interest and the Applicants must comply and which are listed in Annex 2 hereof;

Expression of Interest

means a proposal sent by an Applicant in response to this Call for Expression of Interest, within the Deadline, to be drafted in accordance with the template attached hereto as Annex 1;

Financial Instrument

Entrepreneurship Acceleration and Seed Financing Instrument

JEREMIE

means the initiative “Joint European Resources for Micro to Medium Enterprises” launched by the Commission and EIF, as member of the European Investment Bank Group, in order to promote increased access to finance for the development of SMEs in the European Union;

EIB Group

The EIB Group consists of the European Investment Bank (EIB) and the European Investment Fund (EIF);

JHF

means the SPV and EIF as the manager of the Holding Fund activity under the Agreements;

Operational Agreement

means an agreement entered into between a Financial Intermediary and the SPV regarding a Financial Instrument on the basis of this Call for Expression of Interest and the selection process;

Quality Assessment Criteria

means the quality assessment criteria applied by EIF at the sole discretion of EIF to assess the suitability of the Applicant and/or the proposed Financial Instrument according to the business standards of EIF and which are listed in Annex 2 hereof;

Selection Criteria

means the Eligibility Criteria and the Quality Assessment Criteria;

Small and Medium-sized Enterprises or SMEs

means micro, small and medium-sized enterprises as defined under Commission Recommendation 2003/361/EC, and under Small and Medium-Sized Enterprises Act of the Republic of Bulgaria.

SPV

means [JEREMIE Bulgaria EAD], managed and operated by EIF under the Agreements.

2.  JEREMIE Holding Fund  

The sole entity operating the SPV, in accordance with the Agreements, shall be European Investment Fund, 96 Boulevard Konrad Adenauer L-2968 Luxembourg. General internet address of EIF (URL): www.eif.org

Under the Agreements, the European Investment Fund may be substituted in its role as operator of the SPV, and as the entity carrying out the JHF activity. In the event of such substitution, GoB, or the entity appointed by GoB to carry out the JHF activity, will assume the full discretion and responsibility to perform the tasks of the JHF and to implement the Operations in Bulgaria, and may take over the Financial Instrument.

3. Description of the activities expected from the selected Financial Intermediary 

The selected Financial Intermediary will have to implement the Financial Instrument as provided for in Art. 44 of Reg. 1083/2006. The Financial Instrument shall be set up in accordance with Art. 43 of Reg. 1828/2006. 

It is planned to allocate out of the JHF an amount of up to EUR 20 million to the Financial Instrument. Financial Intermediaries may express their interest for a contribution of up to the maximum allocation.  

See below a list of indicative allocation and the relevant Annex setting out the Selection Criteria and the description of the Financial Instrument.

Financial Instrument

Indicative capital allocation range (millions EUR)

Applicable Annexes

Entrepreneurship Acceleration and Seed Financing Instrument

Up to 20

Annex 2 (Financial Instrument: Description and Selection Criteria)

The indicative capital allocated to the Financial Instrument, as well as the amounts available for contribution by the JHF to the selected Financial Intermediary, may be changed as necessary, at EIF’s sole discretion, particularly if the funding available changes during the JHF implementation process or the demand for the Financial Instrument so requires. Also, during implementation process of the particular Financial Instrument, EIF may, at its sole discretion, decide to increase / decrease its commitment to a particular Financial Intermediary. 

To be noted that joint ventures and/or consortia can express their interest, as long as they indicate/nominate one coordinating entity as a contractual counterpart for the JHF for the entire term of the Operational Agreement (in case of selection). Such Applicants are required to submit one, joint Expression of Interest in which the coordinating entity should be indicated.

4. Expression of Interest 

A template for the Expression of Interest is attached hereto as Annex 1.  

The Expression of Interest shall include the Applicant’s identification, the Project Description, the supporting documents, the Declaration of absence of conflict of interest and the Statements regarding situations of exclusion. 

No later than 21/09/2011, the Applicants may request clarifications regarding the Call for Expression of Interest or the nature of the Financial Instrument. Such requests must indicate the Call for Expression of Interest reference number (JER-009/5) and the name of the Applicant and shall be submitted in English via e-mail to: 

Regional Business Development Unit
European Investment Fund
info.rbd@eif.org 

Requests for clarifications from Applicants shall not receive individual replies. Instead, answers to all requests for clarifications received within the relevant deadline will be published together in a Clarification Document to be posted on the website www.eif.org, at latest on 28/09/2011.

EIF will, in principle, not contact any Applicant prior to the Deadline, unless it considers it necessary to clarify issues of a mere technical nature. However, should EIF discover any errors, inaccuracies, omissions or any other type of clerical defect in the text of the Call for Expression of Interest before the Deadline, EIF will correct the text and inform accordingly.

5. Language

The Expressions of Interest, including the submitted documents, shall be in English only.

6. Submission of Expression of Interest

The Expressions of Interest shall be submitted on or before the Deadline both by (i) e-mail and (ii) registered mail or professional courier service. The Expressions of Interest sent by registered mail or professional courier service shall consist of a closed single package, and shall contain the Expression of Interest, together with its attachments, in paper form and in removable electronic storage medium (e.g. CD-ROM). 

The Deadline for the submission of Expressions of Interest is 12/10/2011 

The Deadline applies (i) in case of e-mails, to the reception by EIF and (ii) in case of registered mail or professional courier service, to the date of dispatch proven by the post office stamp or a dispatch receipt.  

The Expressions of Interest shall indicate the reference number of the Call (No. JER-009/5) and the name of the Applicant and shall be sent to the following address:

Postal Address:

European Investment Fund
Attention: Regional Business Development Unit
96 Boulevard Konrad Adenauer
L-2968 Luxembourg
LUXEMBOURG

The outer envelope (package) shall indicate the following:
“Expression of Interest – Reference number of the Call (No. JER-009/5) – Not to be opened by the reception – To be passed without opening to the Regional Business Development Unit”.

E-mail Address:

Attention: Regional Business Development Unit
info.rbd@eif.org

Prior to the Deadline and in the same manner as specified above, the Applicants may change or amend their Expressions of Interest by clearly indicating the parts to be changed or amended.

Prior to or after the Deadline and in the same manner as specified above, the Applicants may withdraw their Expressions of Interest.

After the Deadline, an acknowledgement of receipt will be sent by EIF to the relevant Applicants via e-mail, which shall state the following:

  • Unique proposal identifier (Expression of Interest number);
  • Reference number of the Call for Expression of Interest;
  • Confirmation that the Expression of Interest was received before the Deadline.

The acknowledgement of receipt shall not be construed as a declaration of completeness of the Expression of Interest and the documents submitted therewith, nor any kind of assessment of the same. 

7. Selection process  

When selecting Financial Intermediaries, EIF is committed to respect fundamental principles, such as:

i)                    equal treatment,

ii)                  non-discrimination,

iii)                confidentiality and

iv)                 transparency.

The Expressions of Interest will be examined by the EIF on a comparative basis, using professional analysis and judgment, taking into account the Selection Criteria.  

The EIF will reject those Expressions of Interest which do not comply with the Eligibility Criteria. Financial Intermediaries, whose application is rejected because of non-compliance with any of the elements reflected in the statements regarding situations of exclusion (Appendices 5 and 6 to Annex 1 hereto), may not present themselves for consideration in subsequent Calls for Expression of Interest unless it is specifically evidenced that the reason for the exclusion no longer exists.

The expiration of the Deadline shall not prevent EIF, in limited cases if deemed necessary, from requesting and receiving from Applicants clarifications on issues of a mere technical or formal nature, provided that such clarifications shall neither provide an opportunity to the respective Applicants to unduly improve their applications nor otherwise distort the competition between the Applicants.

Applicants who are not excluded according to the Eligibility Criteria will go through the EIF selection process based on the Quality Assessment Criteria. The further selection based on the Quality Assessment Criteria, and the due diligence process if any, follows the standard procedures and guidelines applied by EIF to its business. The evaluation of proposals at this phase will be conducted under competitive terms and it is envisaged to select one or more Applicants overall.

Reserve list: Applicants who are not considered for contractual negotiations may to the EIF’s discretion constitute a reserve list (valid for 1 year following notification of inclusion in the reserve list).

In case EIF does not proceed further with the selected Applicant(s) for contractual negotiations, EIF reserves itself the full right to revert back to the Applicants included in the reserve list and initiate contractual negotiations with any of them, taking into consideration the results of the evaluation procedure and the ranking formed.

In any phase of the selection process, EIF reserves itself full discretion to consider Financial Intermediaries and no Applicant has any claim or other right or may expect to be ultimately selected for financial support by the JHF.

Similarly, any negotiation of terms and conditions of Operational Agreements by no means entails any obligation for EIF and/or the SPV to enter into such Operational Agreement with the relevant Financial Intermediaries.

Financial Intermediaries which do not receive contributions from the JHF are informed accordingly; the reasons for their Expression of Interest being rejected may be communicated to them upon request.

Those Applicants, whose Expression of Interest is rejected, shall have the right to submit a written complaint by e-mail and registered mail or professional courier service, to the same address used for the submission of the Expressions of Interest above, within thirty (30) days of receipt of the letter of rejection. Any complaints will be dealt within the framework and in accordance with the EIB Group complaints policy (for further info please click on the link or visit www.eib.org).  

8. Operational Provisions 

The Financial Intermediaries, with which Operational Agreements will be eventually signed, shall be required to comply with the EIF Anti-Fraud policy, available on the website of EIF (www.eif.org), and with the relevant monitoring, reporting, publicity and auditing obligations required by the EU regulations applicable to ERDF and by the Funding Agreement. Such obligations are briefly described in Annex 2, and will be mentioned in the relevant Operational Agreement.  

ANNEXES

Annex 1.       Expression of Interest (.pdf) ; Word

Annex 2.       Financial Instrument: Description and Selection Criteria (.pdf) ; Word

Back to top



[1] OP Competitiveness approved by the European Commission Decision C (2007) 4500 of 26 September 2007.

[2] Council Regulation (EC) No. 1083/2006 of 11 July 2006 laying down general provisions on the European Regional Development Fund, the European Social Fund and the Cohesion Fund and repealing Regulation (EC) No. 1260/1999 (Official Journal of the European Union L210 of 31.07.2006).

[3] Commission Regulation (EC) No 1828/2006 of 8 December 2006 setting out rules for the implementation of Council Regulation (EC) No 1083/2006 laying down general provisions on the European Regional Development Fund, the European Social Fund and the Cohesion Fund and of Regulation (EC) No 1080/2006 of the European Parliament and of the Council on the European Regional Development Fund (Official Journal of the European Union L371 of 27.12.2006), as amended from time to time, including by Commission Regulation (EC) No 846/2009 of 1 September 2009 amending Regulation (EC) No 1828/2006 setting out rules for the implementation of Council Regulation (EC) No 1083/2006 laying down general provisions on the European Regional Development Fund, the European Social Fund and the Cohesion Fund and of Regulation (EC) No 1080/2006 of the European Parliament and of the Council on the European Regional Development Fund (Official Journal of the European Union L250 of 23.09.2009).

Back to top

 


 
 

Copyright ©

 European Investment Fund 2017 – The European Investment Fund is not responsible for the content of external internet sites.