1.
www.elana.net/investment
20 years successful
EU-funded
investments

2.
www.elana.net/investment
ELANA Investment was founded in 1999 to provide expertise on EU funding and support business and
municipality institutions in raising funds for their investment plans and development.
 Leading EU funding consultants and a driving force in a dialogue with institutions on
improving access to EU funding investment for the business
 Part of the family of market leaders - one of the largest local institutions in the non-
banking financial sector - ELANA with 28 years of history on the Bulgarian financial and
consultancy market
Services
 Consultancy to agricultural producers, enterprises and public administration in developing
successful investment projects to raise EU funding or grants at international organisations
 Technical assistance in project implementation for enterprises and public administration
 Advisory services covering the entire financial instruments’ lifecycle, including preliminary
assessments, fund structuring, fund monitoring and administration and including specifically ex-
ante assessments
20 years of successful EU-funded investment projects
ELANA Investment is
certified by the ISO
9001:2015 standard
with UKAS (UK)
accreditation and
ANAB (USA)
accreditation:
Certificate No.
BG121252Q/U ISO
9001:2015

3.
www.elana.net/investment
ELANA Group: A Family of Leading Market Players
EU funding consultancy
ELANA Investment
 20 years successful EU-funded projects for
business and public administration
 Consulted over 500 enterprises, agricultural
producers and municipalities
 Facilitated over EUR 260 mln. aid investment in
BG industry and agriculture
Brokerage & investment banking
ELANA Trading
 28 years a licensed broker in the top 3
 Full-service provider on Bulgarian and
international financial markets
 The Best Bulgarian Broker of the Year 2018,
2017, 2016, 2015, 2014, 2013 and 2010
 Trusted long-term partner to international
institutions
Asset management
ELANA Fund Management
 17 years in the lead
 Started the first mutual fund
 Manages 7 UCITs funds and individual portfolios
 Approx. EUR 60 mln. AUM
 Recognized by 27 national and international
awards
Public funds management
Bulgarian Energy Efficiency and
Renewable Sources Fund
 14 years promotion of energy efficiency
 Fund Management granted via World Bank
 Selected as the first private fund manager of a
public fund
Regional Urban Development Fund
 JESSICA funds granted by EIB (2011- in progress)
 Partner in SG Expressbank-led consortium
 As of 2019 – granted fund management for
Northern Bulgaria
Renewable energy
ELANA Energy Management
 RE projects since 2004
 2 projects certified Class A Investment by
InvestBulgaria Agency (the governmental arm to
promote investment in Bulgaria)
Farmland investment
ELANA Agrocredit
 First farmland financial leasing company
 Registered as a financial institution in 2012
 Listed on the Bulgarian Stock Exchange -
Awarded The Best IPO in 2013
 Guaranteed annual dividend
 Invested EUR 45 mln. in farm land purchase and
loans to farmers (as of 31 March 2019).

4.
www.elana.net/investment
Contribution to business environment
500
enterprises, agricultural producers and municipalities made successful investment projects with EU funding
BGN 612 mln.
invested in Bulgarian economy through ELANA Investment expertise
320 projects with investment value of BGN 536 mln.
raised for businesses and municipalities within the EU Structural Funds in Bulgaria (2007 – 2013 and 2014 - 2020)
112 projects with investment value of BGN 76 mln.
raised within the EU pre-accession programmes (2001 – 2007)
BGN 139 mln. of loans for regional development
distributed as part of the management of the Regional Urban Development Fund (JESSICA funds through European Investment Bank)

5.
www.elana.net/investment
Contribution to business environment
0 50 100 150 200 250 300
OP Innovation and competitiveness and OP
Competitiveness
Rural Development Programme
OP Environment
OP Regional Development
OP Human Resources Development
SAPARD
PHARE
Agriculture State Fund
283
197
44.5
10
1
65
4
3
Investment in BG economy (BGN mln.)

6.
www.elana.net/investment
Public engagement
 ELANA Investment is a member of the Confederation of Employers and Industrialists
in Bulgaria (CEIB) – the largest business organization in the country
 Teodora Ovcharova, executive director of ELANA Investment, heads the EU policies
committee at CEIB.
 ELANA Investment is one of the founders of the Bulgarian Association of EU
programmes’ consultants (BAEUP), which unites 30 largest and most experienced
consultancies in the country
 Kristina Tsvetanska, Executive Director of ELANA Investment, is the Chair of BAEUP.
 Teodora Ovcharova, Executive Director, is member of the Board of BAEUP.

7.
www.elana.net/investment
Highlights – Experience with EU Structural Funds
Rural Development Programme
(2007-2013) and (2014-2020)
 197 investment projects
 BGN 142 mln. invested in
agriculture
Rural Development Programme
(2007-2013) and (2014-2020)
 197 investment projects
 BGN 142 mln. invested in
agriculture
ОP “Technical assistance”
 1 contract with the
Ministry of Interior
 BGN 900 000 invested
ОP “Technical assistance”
 1 contract with the
Ministry of Interior
 BGN 900 000 invested
OP “Development of the competitiveness
of Bulgarian economy” (2007 – 2013) and
ОP “Innovation and competitiveness”
(2014-2020)
 165 investment projects
 BGN 283 mln. invested in
industry
OP “Development of the competitiveness
of Bulgarian economy” (2007 – 2013) and
ОP “Innovation and competitiveness”
(2014-2020)
 165 investment projects
 BGN 283 mln. invested in
industry
OP “Regional Development”
 2 investment projects
 BGN 10 mln. invested
OP “Regional Development”
 2 investment projects
 BGN 10 mln. invested
ОP “Environment”
 3 investment projects
 BGN 44 mln. invested in
municipalities
ОP “Environment”
 3 investment projects
 BGN 44 mln. invested in
municipalities
OP “Human Resources
Development”
 4 investment projects
 BGN 1 mln. invested
OP “Human Resources
Development”
 4 investment projects
 BGN 1 mln. invested

8.
www.elana.net/investment
Highlights – Contracts with institutions
Institution: State Employment Agency
Duration: 2013-2014
 Contract “Support for the entrepreneurial
Bulgarians” – component ІІІ – consultancy for
139 start-ups in Varna and Lovech region
 Part of consortium with SIB Consult and SELANA
Institution: State Employment Agency
Duration: 2013-2014
 Contract “Support for the entrepreneurial
Bulgarians” – component ІІІ – consultancy for
139 start-ups in Varna and Lovech region
 Part of consortium with SIB Consult and SELANA
Institution: Sofia Municipality
Framework contract 2009-
2014
 2 investment projects within the
Rural Development Programme
(measure 223 and 226).
 1 investment project within energy
efficiency grant programme of EEA
grants and Norway grants (2009-
2014) by Iceland, Liechtenstein and
Norway.
 “Feasibility study and economic
analysis for biomass use by the
Municipality Forest Fund and the
municipal parks of Sofia
Municipality”.
 Consulted the municipality company
Sports Sofia-2000 on a project for
construction of a sports complex.
Institution: Sofia Municipality
Framework contract 2009-
2014
 2 investment projects within the
Rural Development Programme
(measure 223 and 226).
 1 investment project within energy
efficiency grant programme of EEA
grants and Norway grants (2009-
2014) by Iceland, Liechtenstein and
Norway.
 “Feasibility study and economic
analysis for biomass use by the
Municipality Forest Fund and the
municipal parks of Sofia
Municipality”.
 Consulted the municipality company
Sports Sofia-2000 on a project for
construction of a sports complex.
Institution: Ministry of
Finance
Duration: 2014
 The ex-ante assessment for the
Innovations and Competitiveness
programme (2014-2020)
Institution: Ministry of
Finance
Duration: 2014
 The ex-ante assessment for the
Innovations and Competitiveness
programme (2014-2020)
Institution: Executive Agency
“Fisheries and Aquaculture”
Duration: 2014
 The strategic programme
documents for Maritime and
Fisheries Programme 2014-2020.
Institution: Executive Agency
“Fisheries and Aquaculture”
Duration: 2014
 The strategic programme
documents for Maritime and
Fisheries Programme 2014-2020.
Institution: European Investment Bank
Duration: 2016 - ongoing
 Framework contract for the provision of
bilateral advisory services
 In consortium with partners from Belgium, Italy,
UK, Spain, Poland, Germany
Institution: European Investment Bank
Duration: 2016 - ongoing
 Framework contract for the provision of
bilateral advisory services
 In consortium with partners from Belgium, Italy,
UK, Spain, Poland, Germany

9.
www.elana.net/investment
Highlights – Pre-accession programmes 2001 – 2007
SAPARD Programme
 87 investment projects
 BGN 65 mln. invested in
agriculture
SAPARD Programme
 87 investment projects
 BGN 65 mln. invested in
agriculture
PHARE Programme
 The first PHARE technical
assistance projects for SMEs
in Bulgaria at the amount of
EUR 3 mln. (SRAFAS)
 150 SMEs consulted on
business development
 Developed and successfully
assisted implementation of
15 investment projects of
SMEs with aid raised from
PHARE of over EUR 1 mln.
PHARE Programme
 The first PHARE technical
assistance projects for SMEs
in Bulgaria at the amount of
EUR 3 mln. (SRAFAS)
 150 SMEs consulted on
business development
 Developed and successfully
assisted implementation of
15 investment projects of
SMEs with aid raised from
PHARE of over EUR 1 mln.
Agriculture State Fund
 9 investment projects
 BGN 3 mln. invested in
agriculture
Agriculture State Fund
 9 investment projects
 BGN 3 mln. invested in
agriculture

10.
www.elana.net/investment
Highlights – Public Funds Management
Energy Efficiency and Renewable Energy Sources Fund
2005 – 2019
 Part of the consortium Econeler-EnEffect-Elana
 The first private fund manager of a public fund
in the country
 Fund started by World Bank, the Government of Austria and the
Bulgarian Government for provision of low-interest loans and credit
guarantees
 The successful financial model of this fund and its structuring were
developed by the team of ELANA Investment.
Energy Efficiency and Renewable Energy Sources Fund
2005 – 2019
 Part of the consortium Econeler-EnEffect-Elana
 The first private fund manager of a public fund
in the country
 Fund started by World Bank, the Government of Austria and the
Bulgarian Government for provision of low-interest loans and credit
guarantees
 The successful financial model of this fund and its structuring were
developed by the team of ELANA Investment.
Regional Urban Development Fund (RUDF)
2011 – 2019
 ELANA Investment is part the SG Expressbank-led
consortium managing JESSICA funds for 6 largest cities in
Bulgaria since 2011
 21 investment projects
 BGN 139 mln. of loans
 In 2019, RUDF was granted fund management of urban
loan funds for Northern Bulgaria.
Regional Urban Development Fund (RUDF)
2011 – 2019
 ELANA Investment is part the SG Expressbank-led
consortium managing JESSICA funds for 6 largest cities in
Bulgaria since 2011
 21 investment projects
 BGN 139 mln. of loans
 In 2019, RUDF was granted fund management of urban
loan funds for Northern Bulgaria.

11.
www.elana.net/investment
The Consultancy Service
EU funding project applications and implementation
 Consulting enterprises and municipalities on the EU funding source that
fits best their organization and plans.
 Developing a plan for application when a programme is selected.
 Defining in details the terms of the investment projects.
 Project proposal development.
 Development of a financial analysis, survey, business plan and tender
procedures.
 Support in proper management of project application documentation.
 Consulting on project implementation – deadlines and reporting
requirements. Technical assistance – preparing project reports in the
process of implementation and consulting on communication with public
administration.
Strategic consultancy
 Development of strategy and programming
 Feasibility studies
 Economic opportunity analyses
 Advisory services covering the entire financial instruments’ lifecycle,
including preliminary assessments, fund structuring, fund monitoring and
administration and ex-ante assessments
FREE
consultation
on selecting
the proper
EU funding
source

12.
www.elana.net/investment
Expertise on sectors and specific issues
Economic sectors:
 Machinery and heavy industry
 Printing industries
 Pharmaceuticals and chemical
industry
 Healthcare
 Information technologies
 Agriculture
 Food industry
 Fisheries and aquaculture
Economic sectors:
 Machinery and heavy industry
 Printing industries
 Pharmaceuticals and chemical
industry
 Healthcare
 Information technologies
 Agriculture
 Food industry
 Fisheries and aquaculture
Specific issues:
 Innovation
 Energy efficiency
 Technological modernization
 Management systems
Specific issues:
 Innovation
 Energy efficiency
 Technological modernization
 Management systems
Distinct expertise:
 Financial instruments
 Strategies and programming
 Business planning
 Financial analysis
 Project applications
Distinct expertise:
 Financial instruments
 Strategies and programming
 Business planning
 Financial analysis
 Project applications
Throughout the last 20 years ELANA Investment has accumulated in-depth knowledge on Bulgarian industry and
agriculture, profound expertise on economic issues that are on the country development agenda as well as has
developed long-term partnerships with local industry movers and shakers and agricultural producers.

13.
www.elana.net/investment
Our Customers: OP Competitiveness 2008-2018
Among our clients are:
 Dunav Press – Russe
 Sopharma – Sofia
 KCM – Plovdiv
 Neo Art – Sofia
 Index-6 – Plovdiv
 Color Garden – Sofia
 Podemcrane – Gabrovo
 Chimax Pharma – Sofia
 Primex – Shoumen
 Diana – Sofia
 Bulvest – Sofia
 Medina Med – Stara Zagora
 Naiden Kirov – Russe
 Panchim – Stara Zagora
 Eleven
 Ged – Sofia
 Rotoprint – Ravno pole
 Mechatronika – Gabrovo
 Hranmash Komplect
 Deva Maria Hospital – Bourgas
 Zora Ophthalmology – Sofia
 Multicommerce - Russe
 Herti
 Andrea Design - Sofia
 ADD Bulgaria – Plovdiv
 Bulmetal – Gurkovo
 Navtech group
 Launch hub
 Velomania – Sofia
 Minstroy Holding - Sofia

14.
www.elana.net/investment
Our Customers: Rural Development Programme
Some examples of significant investment
projects:
 Yaica & ptici - Zora (Eggs & Poulty) – the largest egg
producer in the country.
 Josi (Milk,cheese & dairy) – one of the largest dairy
producer in the country.
 Aron Rice – the largest rice producer in Bulgaria with the
biggest production facilities in the Balkan region started by
a RDP project.
 Grand Agro – one of the largest grain producers in Southern
Bulgaria.
 Semena Sinhron – with a significant share of plant and
livestock production in Southern Bulgaria managing the
largest cow farm in the region.
 МММ Import – one of the biggest crop producers.
 Apimel Organic – organic honey producer.
 Ecomaat – producer of bio cosmetics and aroma oils.
 Sofia Municipality – framework contract for RDP projects.
 Dimitar Madjarov - 2 (Dairy & meat) - one of the largest
dairy and meat producers in Bulgaria

15.
www.elana.net/investment
Management: Board of Directors
Kamen Kolchev
Chairman of the Board
Kamen Kolchev is the founder of ELANA group of companies back in 1991 when it started with a brokerage. 28 years
later the group comprises market leaders in investment, finance and consultancy. Kamen Kolchev is CEO and
Chairman of the Board of ELANA Financial Holding. Currently he also heads work committees on financial markets
and energy with the Confederation of Employers and Industrialists in Bulgaria where he used to be a member of the
Board a couple of years. He used to be the Chairman of the Bulgarian association of licensed investment
intermediaries from the moment of establishment till 2008.
Kristina Tsvetanska
Executive Director and Board Member
Board Member, ELANA Financial Holding
Consultant with 18 years experience in EU funding programmes (pre-accession and Structural funds) and in
international donor programmes. She has developed and managed projects for Bulgarian and international business
within OP Development of competitiveness of BG economy, Rural Development Programme, OP Regional
Development, OP Environment, SAPARD, PHARE, etc. Develops analyses for EU programmes improvement
representing the Bulgarian association of EU programmes’ consultants and the Confederation of Employers and
Industrialists in Bulgaria. Graduated Banking at the University of National and World Economy. With 7 years of
experience in the banking sector prior to EU funding career. Kristina Tsvetanska is the Chairperson of the association
of EU funding consultants. She is also a member of the Board of ELANA Financial Holding.

16.
www.elana.net/investment
Management: Board of Directors
Iva Alexandrova
Member of the Board
Consultant with 14 years of experience in development and management of projects within OP Development
of competitiveness of BG economy, Rural Development Programme, SAPARD, PHARE, USAID programmes,
Dutch Government aid programmes, etc. Graduated International banking and financial services at the
University of Reading, UK.
Teodora Ovcharova
Executive Director and Board Member
Consultant with 18 years of experience in EU funding programmes (pre-accession and Structural funds). She has
developed and managed projects for Bulgarian and international business within OP Development of
competitiveness of BG economy, Rural Development Programme, Develops analyses for EU programmes
improvement representing the Bulgarian association of EU programmes’ consultants and the Confederation of
Employers and Industrialists in Bulgaria. Experience in financial analyses and valuation of enterprises, restructuring,
M&A. Prepared the financial structuring of Energy Efficiency and Renewable Energy Sources Fund. Holds a Master’s
degree in Finance from the University of National and World Economics. Heads the EU policies committee at the
Confederation of Employers and Industrialists in Bulgaria. Member of the Board of the association of EU funding
consultants.

17.
www.elana.net/investment
The Team
ELANA Investment team includes 13 highly qualified experts with considerable experience in the following
fields:
- OP Innovation and Competitiveness;
- Rural Development Programme;
- OP Human Resources Development;
- OP Regional Development;
- Financial Instruments;
- Programmes such as: 7th Framework Programme, CIP, USAID, etc.

18.
www.elana.net/investment
Contact us
ELANA Investment
Sopharma Business Towers
5, Latchezar Stanchev St.
Tower B, Floor 12
Sofia 1797, Bulgaria
Tel.: +359 2 81 000 50
E-mail: eufunds@elana.net
Website: www.elana.net/investment