In October 2014, the Commission approved the creation and capitalisation of IFD, which manages and channels European Structural and Investment Funds (ESIF) allocated to Portugal for the 2014-2020 financing period, as well as reimbursements from ESIF-funded programmes.
This latest decision enables IFD to expand its activities to general support in favour of SMEs, in line with the criteria of the Commission’s General Block Exemption Regulation, which allows public authorities to implement a broad spectrum of SME support activities without having to notify the
Commission for prior authorisation.
IFD may also implement measures approved under the Commission’s Guidelines on state aid for risk financing. Finally, IFD will participate in EU financial instruments, such as the European Fund for Strategic Investments (EFSI), COSME, Horizon 2020 and the SME Initiative. The Commission found that IFD’s activities that contribute to financing SMEs that have difficulties in raising finance from the market were in line with EU objectives.