The Executive Board of the Valencian ERDF Fund of Funds is constituted and approves the basis for the selection of financial intermediaries - RIS3CV

The Executive Board of the Fund of Funds for the management of the financial instruments of the ERDF Operational Programme of the Comunitat Valenciana 2014-2020, managed by the Institut Valencià de Finances, was constituted this afternoon in a first meeting held at the headquarters of the IVF, which also approved the bases that will guide the selection of the financial intermediaries that will collaborate in the distribution of these products.

It has been estimated that this Fund will enable 125 million to be put on the market to finance innovative companies and small and medium-sized enterprises in a phase of growth and expansion. Of this amount, 66 million will be European funds from the ERDF programme, another 42 million will be from the Generalitat's own resources and the rest will be contributed by private initiative.

The creation of this Fund will make it possible to finance innovative and technology-based business projects, as well as small and medium-sized enterprises with high growth and internationalisation potential or with a high innovative component. In addition, liquidity will be injected into projects involving knowledge transfer.

For the implementation of this Fund of Funds, four well-differentiated financial products have been articulated, each of which is aimed at a specific sector. Thus, the financial instrument of "Participative loans in co-investment with private investors", "Seed capital to support innovative entrepreneurship", "Capital to support business growth" and "Subordinated loans" have been created.

The first three will be operated in collaboration with financial intermediaries that will be selected through an open, transparent and non-discriminatory procedure. In order to enable the Fund to start operating as soon as possible, the Executive Board approved at its first session the terms of reference for the selection of these financial intermediaries.

The fourth financial product through which these resources will be distributed, the 'Subordinated loan' product, will be implemented directly by the Fund's manager, the IVF, in accordance with its normal lending procedures, without the participation of previously selected financial intermediaries.

Composition of the Executive Board

The Executive Council constituted today is presided over by María José Mira, regional secretary of the Economic Model and Financing, and its vice-president is Blanca Marín, regional secretary of Sustainable Economy, Productive Sectors and Trade. The members of this council are the general director of European Funding and Funds, Andreu Iranzo; the general director of Economy, Entrepreneurship and Cooperativism, Francisco Álvarez; and the general director of the IVF, Manuel Illueca, who will also act as secretary of the council.

This body will be responsible for defining and establishing the characteristics and conditions that will guide the financial instruments created within the framework of this Fund of Funds co-financed with resources from the ERDF Operational Programme.

In its work, the Executive Board will be supported by a Technical Commission on Management, composed of IVF staff, which is configured as a technical body for the operational management of the Fund of Funds.