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)
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
The EIB Group Risk Enhancement Mandate (EREM)
Western Balkans Enterprise Development & Innovation Facility II (WB EDIF II)

JEREMIE Holding Fund Greece: Call for expression of interest to select Financial Intermediary to implement the Risk Capital Financial Instruments in the ICT sector

  •  
    Date: 17 May 2011 - 30 June 2011

Jer001_2010_2

Reference number: Call for EoI No. JER-001/2011/2

Deadline:  30 June 2011

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 Greece is organised through the European Investment Fund (hereinafter, “EIF”) acting through the JEREMIE Holding Fund (hereinafter, “JHF”). Through the JHF, the EIF manages funds made available from the European Regional Development Fund (hereinafter, “ERDF”) and related public expenditure granted for utilisation under the JEREMIE initiative.

As part of the Sectoral Operational Programmes “Digital Convergence” and “Competitiveness and Entrepreneurship” and the Regional Operational Programmes “Macedonia - Thrace”, “Crete and Aegean Islands”, “Thessaly - Continental Greece - Epirus” and “Attica” for the period 2007-2013[1], defined in detail within the National Strategic Reference Framework 2007-2013 of Greece[2], the competent national authorities have agreed to dedicate resources to the implementation of the JEREMIE initiative with the EIF, in accordance with Article 44 of the Council Regulation (EC) No. 1083/2006[3] (hereinafter, “Reg. 1083/2006”) and in accordance with the provisions of the Funding Agreement (hereinafter, “Funding Agreement”) entered into on 26 June 2007 and amended on 5 October 2010, between the Government of the Hellenic Republic, represented by the Ministry of Regional Development and Competitiveness (hereinafter, the “HR”) and EIF. Relevant rules for implementing Reg. 1083/2006 are set out in the Commission Regulation (EC) No. 1828/2006[4] (hereinafter, “Reg. 1828/2006”). The cooperation between the HR and the EIF acting through the JHF is governed by the Funding Agreement, which defines 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 EIF acting through the JHF is advised by the Investment Board, members of which are nominated by the Greek authorities (hereinafter, “Investment Board”). EIF in its capacity acting through the JHF acts on the basis of its usual business principles and an investment strategy and planning for the implementation of the JEREMIE initiative.

The JEREMIE initiative is funded by the following Operational Programmes for the period 2007–2013, as described in particular in the table below:

Operational programme name

Priority axis

Sectoral Operational Programme Digital Convergence

Improvement of Productivity by Utilising Information and Communication Technologies

Sectoral Operational Programme Competitiveness and Entrepreneurship

Improvement of entrepreneurship

Regional Operational Programme Macedonia -Thrace

Digital convergence and entrepreneurship in the region of Central Macedonia

Regional Operational Programme Macedonia -Thrace

Digital convergence and entrepreneurship in the region of Western Macedonia

Regional Operational Programme Crete -Aegean Islands

Digital convergence and entrepreneurship in the region of Southern Aegean

Regional Operational Programme Thessaly - Continental Greece - Epirus

Digital convergence and entrepreneurship in Continental Greece

Regional Operational Programme Attica

Support of innovation competitiveness and digital conversion

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”). Their activities shall be carried out in accordance with the contractual agreements to be entered into by the JHF and the selected Financial Intermediary(-ies) (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. In addition to the above, the table below should be read by taking into account the meaning attributed to certain technical and industry-specific terms by Commission Regulation (EC) No. 800/2008 of 6 August 2008 OJ L 214, 9.8.2008, p. 3-47 (General block exemption Regulation) ("Reg. 800/2008").

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 Athens and Luxembourg;

Deadline

means 30 June 2011;

Eligibility Criteria

means the criteria with which the Expressions of Interest and the Applicants must comply with and which are listed in Annex 2 – Part II 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 Instruments

1. Early Stage ICT Venture Capital Fund, and

2. Seed/Technology Transfer ICT Fund(s);

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);

ICT

means Information and Communication Technologies;

JHF

means the EIF in its capacity acting through the JEREMIE Holding Fund for Greece, appointed under the Funding Agreement;

Operational Agreement

means an agreement entered into between a Financial Intermediary and EIF on behalf of the JHF 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 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 in the European Commission Recommendation 2003/361/EC and European Commission Regulation No 800/2008;

TT

means Technology Transfer.

2.     Holding Fund manager

European Investment Fund, 96 Boulevard Konrad Adenauer L-2968 Luxembourg. General internet address of the JEREMIE Holding Fund manager (URL): www.eif.org

Under the Funding Agreement, the EIF may be substituted in its role as JHF manager. In the event of such substitution, the HR, or the entity appointed by the HR as new JHF, will assume the full discretion and responsibility to perform the tasks of the JHF and to implement the Operations in Greece, and may take over the Financial Instruments. The Operational Agreements will provide for the possible substitution of the EIF, in order to allow the transfer of the Operational Agreements to the successor entity.

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

The selected Financial Intermediaries will have to implement the Financial engineering Instrument briefly described in the table below. A Financial Instrument shall either be set up as an independent legal entity governed by agreements between the co-financing partners or shareholders or as a separate block of finance within a Financial Intermediary. As provided by Reg. 1828/2006, a separate block of finance shall be subject to specific implementation rules within the Financial Intermediary, stipulating, in particular, that separate accounts are kept which distinguish the JHF resources invested in the Financial Instrument, including those contributed by the Operational Programme, from those initially available in the Financial Intermediary.

It is planned to allocate out of the JHF an indicative amount of EUR 30 million to the Financial Instruments from the Sectoral Operational Programme “Digital Convergence” and the Regional Operational Programmes “Macedonia-Thrace – Central Macedonia” and “Attica”.

.

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

Financial Instrument

Indicative capital allocation (millions EUR)

Applicable Annexes

Early Stage ICT Venture Capital Fund

15

Annex 2 (Financial Instrument: Description and Selection Criteria)

Seed/Technology Transfer ICT Fund(s)

15

Annex 3 (Financial Instrument: Description and Selection Criteria)

The Financial Intermediaries shall clearly express their interest for contribution (in terms of amounts requested) and may express their interest for a contribution up to the maximum allocation.

The indicative capital allocated to the Financial Instrument, as well as the amounts available for contribution by the JHF to the selected Financial Intermediary, and the indicative number of Financial Intermediaries selected, 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.

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, and can also be found at the following internet addresses: www.eif.org , www.espa.gr.

The Expression of Interest includes the Applicant’s identification, the project description (see Appendix 2 to Annex 1), the supporting documents, the declaration of absence of conflict of interest and the statements regarding situations of exclusion.

Until no later than 14 June 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 and the name of the Applicant and shall be submitted in English via email 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.

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.

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 its annexes and the requested documents, shall be in English.

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 30 June 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-001/2011/2) 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-001/2011/2) - Not to be opened by the reception – To be passed without opening to 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 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 to the relevant Applicants by the EIF 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 the 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.

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 JHF to enter into such Operational Agreement with the relevant Financial Intermediaries.

Financial Intermediaries which who are not selected are informed accordingly; the reasons for their Expression of Interest being rejected may be clearly 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.

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, and with the relevant monitoring, reporting, publicity and auditing obligations required by the EU regulations, applicable to ERDF, including the application of the Greek management and control system - approved by the European Commission - and by the Funding Agreement. Such obligations are briefly described in the relevant Financial Instrument description documents, and will be defined in the relevant Operational Agreement.

 

ANNEXES

 Annex 1.Expression of Interest

 Annex 2.Early Stage ICT Fund: Description and Selection Criteria

 Annex 3.Seed/Technology Transfer ICT Fund(s) Description and Selection Criteria



[1] Operational Programme approved by the European Commission on 26 November 2007.

[2] Governed by the Law 3614/2007 “Management, control and implementation of development interventions for the programming period 2007-2013” (Government Gazette no. 267 of 03.12.07).

[3] 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), as amended from time to time.

[4] 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).


 
 

Copyright ©

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