Regional Development Funds (RPFs) were established with the primary purpose of accelerating the payment processes of projects co-financed by the European Union. Their development character has been a part of the payment process of the PIP to make them an active financial tool at local level towards the economic development of the Region. Empowering them to support the Region’s development planning and technical support, particularly in the field of studies, research and program implementation, they are a potential development mechanism that combines the benefits of the public and private sectors

Mission

The Regional Development Funds were established at the headquarters of each State Region (No. 53 of Law 2218/94) and from 1-1-2011, are governed by new legislative provisions (L.3852 / 2010, No. 190-193), when their function was associated with the 13 elected Regions. They are Private Law Entities managed by the Board of Directors with the President of the relevant elected Regional Governor.

Since September 2012, Regional Development Funds belong to “General Government” (the ELPAT document AP1-1056 / 10-9-2012) ‘Register of General Government’), which means practically that they follow public accounting, record their financial data centrally, and keep “Commitment Register”.

According to Law 3852/2010, the Supervisory Authority for the Lawfulness of the Procedures of the Public Company is the “Legal Controller” of the Ministry of the Interior, a role temporarily exercised by the Secretary General of Decentralized Administration (AD).