EBRD receives EU funds for green innovation in Bulgaria, Latvia, Romania
The European Bank for Reconstruction and Development (EBRD) has received funding from the European Commission (EC) Horizon 2020 Programme to promote green innovation in Bulgaria, Latvia and Romania.
The funding comes as part of a broader, €20 million effort by the EC and the EBRD to support innovative, small- and medium-sized enterprises (SMEs) and mid-cap companies in the three countries, which harbour significant opportunities for green investment.
Under the EBRD’s Green Innovation Programme (GIP) the new funds from Horizon 2020 will be used to provide:
- Technical assistance for customised support such as: developing green innovation plans, supplementing R&D capacities and skills, assessing market potential for new products, appraisal of innovative green investment proposals, etc.
- Incentive grants to complement EBRD investments in innovative green projects.
Eligible companies in Bulgaria, Latvia and Romania may receive up to €200,000 in technical assistance and incentive grants of up to €500,000, depending on the opportunity.
The Horizon 2020 funds complement earlier GIP financing from the TaiwanBusiness EBRD Technical Cooperation Fund to offer technical assistance for green projects in the 12 EU Member States in which the EBRD operates.
The GIP fosters research, development and/or deployment of products, technologies or business models, that help to mitigate climate change, promote circular economies and reduce pollution.
Examples of potential assistance activities include support with technical development of new products, machines or software, with prototyping and testing, environmental studies, innovative marketing, or assistance with intellectual property rights.
Incentive grants funded with the help of Horizon 2020 will be sized based on the level of innovation and the green impacts of the benefitting projects.
The EBRD’s collaboration with Horizon 2020 reflects the Bank’s commitment building competitive, resilient and green economies in its countries of operations. To date, the Bank has invested around €3.8 billion in Bulgaria, €667 million in Latvia and more than €8.2 billion in Romania.