About the Company

National Development Fund I. (hereinafter referred to as the “NDF I.”) is an investment company that was established with the purpose of the implementation of financial instruments from the EU Structural Funds in Slovakia during the 2007-2013 programming period. NDF I.’s activities are based on the JEREMIE initiative, the main objective of which is the support for small and medium-sized enterprises by improving their access to finance for their development.


NDF I.’s financial instruments have a recoverable form and are implemented through financial intermediaries. Funding is provided by means of the following financial instruments:

  • venture capital instruments
  • portfolio guarantees
  • portfolio loans

With the effect from the 1st January 2010, the Slovak Investment Holding Company (at that time under the name of SZRB AM) took over the management and administration of NDF I. (at that time under the name of SZRF) from the European Investment Fund (EIF) in its entirety. As of the 31st October 2016, the investment period of the financial instruments for the 2007-2013 programming period was terminated. NDF I. (at that time SZRF) managed to utilise 84% of the target allocation of JEREMIE resources during its operation, thereby creating a portfolio of new loans and investments for SMEs in a total amount of EUR 330.6 million.

NDF I. used its first recycled funds for the investment into the Central European Fund of Funds (CEFoF), which is managed by the European Investment Fund. This investment represents an example of the benefits of financial instruments as it demonstrates that the same financial resources can in practice be repeatedly used for multiple investments.