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Fund managers place HUF 75 bln of JEREMIE funding by end-2014

By the end of last year, fund managers had placed HUF 75 bln of the HUF 130 bln of funding available to Hungarian SMEs under the European Unionʼs JEREMIE program, Balázs Garamvölgyi, the head of MV-Magyar Vállalkozásfinanszírozási, which manages the funds, said at a conference yesterday. 

The conference, organized by the Hungarian Venture Capital Association (HVCA) and the Hungarian office of M27 Absolvo Consulting, focused on the JEREMIE initiative, which allows SMEs to be financed with EU structural funds. Elemér Eszter, chairman of the board of venture capital fund manager PBG FMC said the HUF 130 bln invested should generate at least HUF 1 trillion in ten years. Garamvölgyi said the fund managers had invested an average of HUF 350 mln in 214 companies by the end of last year. Most of the investments were made in the IT sector, followed by the biotech industry. The JEREMIE program is winding up this year.