The Government wants to create two investment funds with a total budget of over EUR 100 million to finance IT startups.

Cabinet officials are in talks with the European Investment Fund for creating a pre-seed investment fund with a budget of EUR 40 million and a risk capital fund with a budget of EUR 60 million, reports local Startupcafe.ro.

The two parts could sign the memorandum in maximum two months, and the preliminary decision on constituting the funds should be made by the end of the year, said Dragos Pislaru, economic counsellor within the Prime Minister’s Office.

The money comes both from EU funds and private investors. The Government will organize auctions to select the private investors.

editor@romania-insider.com