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First page  »  About the Fund  »  Organizational aspects
Organizational aspects

Administrative Board

The managing body of the Fund is the Administrative Board (AB), comprising 9 members, representatives of public and private sector, as follows:

  • one representative of the Ministry of Economy;
  • one representative of the Ministry of Finance;
  • one representative of the Ministry of Environment;
  • one representative of the Ministry of Regional Development and Constructions;
  • five representatives of the private sector and international donor organizations, of which at least two are  financial experts with good reputation and qualification, assigned by the Chairman of the Board based on proposals made by professional associations, business environment and international financial institutions.

The Board members may be individuals who are not spouses or closer than the third degree relatives, and should not have non-cancelled criminal records. AB members can not participate in decision making regarding eligible beneficiaries where husband / wife or a closer than the third degree relatives are employed.

The office term of the AB members shall be 4 years and may be extended only once for a further period of four years, subject to the due appointment procedure .

The AB member appointed by the Ministry of Economy shall be the AB Chairman, with a mandate for one year. At the expiry of this term, the Board members shall vote a new Chairman of the Board for a further period of one year.

The Board members are not paid and may be revoked by the authority that appointed them, in the following conditions:

  • committing criminal acts for which they have been convicted, or any other acts affecting the Fund's authority;
  • conflict of interest with the Fund;
  • resignation or death;
  • unjustified absence from three consecutive meetings of the AB.

Investment committee

In order to evaluate project proposals submitted by applicants, the AB shall  forms, from among its members, an Investment Committee (IC), comprising 3 experts. At least 2 members of the IC shall mandatorily have the qualification of  financial experts.

The IC shall meet regularly and as requested by the AB to consider the proposals recommended for funding. The main responsibility of the IC is to  verify the  documentation submitted by the applicants seeking financing, submitted to the Fund Administrator. If the applicant meets the evaluation and selection criteria, the IC shall send the financing proposal, together with the related documentation, to the AB for approval.  

The IC may advise applicants on how to put together the dossier, or reject the application, if the evaluation and selection criteria were not met.

If, while voting, any member of the IC is in conflict of interest, he/she shall notify the Board  to  decide if the conflict of interest affects or not the individual's ability to make impartial and fair judgement.


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