To implement the program, the bank allocates funds in the amount of 100 million euros and creates a separate group of specialists, an advisory committee with the participation of independent experts, as well as a project approval procedure. "The bank's € 100 million venture capital program is designed to fill this funding gap. The program will provide funds to innovative technology companies in the bank's countries of operations on a co-financing basis with other investors. The program aims to catalyze investment processes and foster the development of the venture capital ecosystem in our country. region ", - said the first vice-president of the EBRD Varel Freeman. “By leveraging the knowledge of the countries in which the bank invests, the EBRD can facilitate networking and collaboration between global venture capitalists and local fast-growing companies. There are very few venture capital funds in the region now, so there is significant potential for this type of financing, not to mention the creation new jobs for economic growth, innovation and increased tax revenues from the commercialization of these young tech companies, ”said Alan Piillu, EBRD Managing Director for Industry, Trade and Agribusiness. The EBRD's new program will target innovative and fast-growing small and medium-sized companies in the software and internet services, semiconductor and materials manufacturing, communications, mobile solutions, media products and clean technologies sectors. The bank plans to invest in 10-20 companies in the region over the next four years, if possible together with leading local and international venture capital investors.