site.btaRegulations Approved for New National Innovation Fund

The Council of Ministers adopted a decree approving Regulations for a new National Innovation Fund (NIF), the government press service reported on Wednesday, covering the cabinet’s weekly meeting.

The establishment of the NIF is provided for in the Scientific Research Promotion Act, aiming to address contemporary challenges and the needs of Bulgaria’s economy, as well as the needs of various actors within the innovation ecosystem when shaping and developing innovation policy in the country.

The newly adopted regulations offer concrete mechanisms to support innovative projects, making it easier for small and medium-sized enterprises (SMEs) and start-ups to access funding.

The creation of the NIF will not result in an increase in the number of public administration posts. The necessary staffing will be secured by reducing personnel within the Bulgarian Small and Medium Enterprises Promotion Agency and the Ministry of Innovation and Growth, through compensatory adjustments to their respective organizational structures.