BPF Accelerates Execution of Capital Programs
. 2025-08-19
"I am firmly convinced that, one, there will be no cuts, and two, there will be reinforcements," he stated.
The initial decision to withdraw €450 million from the FdCR capitalization programs to finance the BPF InvestEU Guarantee Lines depended on the programs’ execution. Given the significant improvement in results and the expectation that BPF may receive additional PRR funding, this decision may now be reversed.
"As time goes by, we will have access to additional PRR allocations, which will allow us to compensate for these €450 million and probably even increase them," said the CEO, adding, "Every euro we can transfer from the State PRR to the Companies PRR is a welcome euro."
BPF manages four FdCR capitalization programs — two direct investment and two indirect investment — with a total allocation of €1.3 billion, financed by the Recovery and Resilience Plan (PRR).
Execution has been gaining momentum, with notable performance from Venture Capital Companies.
"In the first semester, they achieved double what they had done in the last two years. It was possible to multiply the speed by four," said Gonçalo Regalado.
The goal is clear: to ensure that the 23 contracted venture capital companies execute with impact by December 2025, as deadlines have not been extended. Only the allocation increase achieved under the reprogramming can be executed until the end of June 2026.
"Our expectation is that these 23 venture capital companies execute well, with impact and with the capacity to deliver results, particularly by December 2025," he noted.
He also stated that there will be no need to cut capitalization programs to finance the InvestEU Member State Compartment if BPF can "receive additional funds from solutions" being "developed in partnership with other countries." "The Bank does not have to rely solely on public or European funds," he added.
FdCR Programs under the PRR: Execution as of August 14
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