According to the results obtained from the impact evaluation of "Finance Think", presented at today's panel discussion within the economic forum: "Do subsidies create better companies? Or do better companies receive more subsidies?”, the financial support provided through FITD is effective and should maintain the current form of support. Out of a total of 12 indicators for the efficiency of state aid, FITD has effective support in 7 indicators, namely: sales, technology, productivity, corporate profits, monetary liquidity and market share. The incentive effect of private companies that have received support from FITD is much greater than companies that have received state aid through the Law on Financial Support of Investments. This is primarily due to the fact that FITD provides state aid for project proposals that are promising and that will be implemented after the state aid is granted.
"I am proud of the success of the FITD team and I hope that the current form of support we offer to startup companies will take it to a much higher level. In the past, FITD has been working intensively on more accessible support for startups, where in cooperation with large corporations and the financial sector, we will meet the needs of companies in the period of development. I think this is a key period for companies, in the period of crisis caused by Covid 19 and I hope that the state together with the private sector will be able to successfully respond to the challenges" said Kosta Petrov, director of the Fund for innovation and technological development.
As of April 30th 2021, the Fund's portfolio includes 281 approved project proposals based on the instruments for support of the Economic Growth Plan, pillar III, in the total amount of over 21 million euros, as well as 78 approved project proposals financed by combined funds from the World Bank and Budget from the Economic Growth Plan - pillar III, in the total amount of over 12 million euros
For 2021, FITD will conduct public calls for financial support through various instruments in the amount of 17.5 million euros. From the portfolio of the Fund, the realization of projects from 550 companies in a total value of 77 million euros is in progress.