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JEREMIE Greece Reflows – Business Angels’ Co-Investment Equity Instrument

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    Date: 30 September 2020 - 15 December 2020

Jeremie Romania Equity

The Hellenic Republic pioneered in the use of EU Structural Funds to support financial engineering instruments by being the first to sign a JEREMIE Funding Agreement with EIF, on 26 June 2007. Through a combination of equity and loan instruments, a total of EUR 198.8m was channeled to approximately 2,900 Greek SMEs within the programming period 2007-2013.

Following the end of the programming period, EIF continues to act for and on behalf of the Hellenic Republic for the management of part of the resources reimbursed from the initial implementation (known as “Proceeds of Operations” or “Reflows”). To manage these instruments, EIF selects Financial Intermediaries according to a standard process involving due diligence and proof of compliance with relevant standards and legislation. 

On 22 December 2016, the Hellenic Repubic demonstrated the continuity of its actions by funding the EquiFund initiative through European Structural and Investment Funds and entrusting EIF with its management. The EquiFund initiative, the first in the country to combine ESIF and resources of the European Fund for Strategic Investments, succeeded in bringing back the momentum to the Greek equity market and enhancing it to a record point.

In order to respond to another clearly identifiable market gap, EIF will employ, for the first time, JEREMIE legacy resources to fund an additional unique instrument for the Greek market: a Business Angels’ Co-Investment Equity Instrument. Through this initiative, EIF will support a co-investment fund that will co-finance with but also mobilize angel investors, active and potential, to support early ideas / projects and mature them into concrete business opportunities that successfully reach the market and evolve. The initial allocation to this Business Angels’ Financial Instrument will amount to up to EUR 20 million out of the JEREMIE reflows.

How to apply:

If you are eligible, you can apply by downloading and submitting relevant application documents published below to the EIF by the deadline. The EIF selects financial intermediaries according to a standard process involving due diligence and proof of compliance with relevant standards.

Taking into consideration the current aggravated situation in the country and relevant stricter restrictions imposed please note that the deadline for application for the call is now extended to 15 December 2020. The EIF will select intermediaries after a full assessment and due diligence process. For more information about the eligibility and exclusion criteria for financial intermediaries please refer to these documents:

Call for Expression of Interest
Annex 1 - Expression of Interest
Annex 2 - Financial Instrument: Description and Selection Criteria
Annex 3 - Business Angels’ Co-Investment Equity Instrument Term Sheet

In addition, Frequently Asked Questions (FAQs) are provided for the benefit of potential applicants. The list consists of questions submitted to EIF in similar Calls and the replies have been reviewed in line with Call for EoI - No. JER-001/2020/01. They are to be considered as preliminary guidance. As stated in the body of the CEoI, additional questions have been submitted by 26 October 2020. Answers to these additional queries, were provided by 09 November 2020  in this Clarification Document.

For further questions, please direct your inquiries to jer-gr-bas@eif.org

 

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