The Horizon 2020 program provides financial and advisory support to some 200 selected SMEs, according to a press statement.
The financing targets these three countries as they have some of the lowest scores on the EU’s innovation scoreboard, which assesses innovation capacities and outcomes. Innovation support represents a strategic growth opportunity for transition countries to switch towards knowledge-based and low-carbon economies.
Under the framework, EUR20 million of EU funding is being made available for EBRD efforts to help SMEs and midcaps in Bulgaria, Latvia and Romania. Under the EU definition, SMEs are companies that have an annual turnover of less than EUR50 million and fewer than 250 employees. Midcaps are defined in terms of headcount, with a limit of up to 3,000 employees.
The EBRD’s collaboration with Horizon 2020 reflects the Bank’s commitment to building competitive, resilient and green economies in its regions of operation. To date, the Bank has invested around EUR3.9 billion in Bulgaria, EUR697 million in Latvia and more than EUR8.3 billion in Romania.