Blue Fund Terms and Conditions

The Blue Fund, part of the Extended Monaco for Businesses programme, aims to support economic development through digital technology.

The goal is to boost the integration of digital technology. This aim encourages the use of digital technologies to drive growth and strengthen business competitiveness.

Based on the principle of co-financing, the Blue Fund supports digital projects for up to 70% of their pre-tax value, giving priority to high value-added structuring projects that promote the operational efficiency, productivity, and competitiveness of businesses (cybersecurity, compliance obligations, digitisation of internal processes, integration of data/ AI, etc.), excluding contributing to the financing of any project focused on Cloud Computing.

Blue Fund applicants agree to strictly adhere to the Terms and Conditions and the procedures set out below to ensure the smooth management and effectiveness of the project.

For further information, please contact the Blue Fund team at fondsbleu@gouv.mc or by telephone on +377 98 98 96 55

Our team will be happy to answer any queries and to support you with your co-financing application.        

In addition to the Extended Monaco for Businesses program, a scheme dedicated to the Health sector is also being implemented:

• Monaco Sante Sécurité, a joint initiative between the Ministry of Health and Social Affairs and the Interministerial Delegation for Digital Transition, focuses on the safety of health data

For more information, please visit: monacosante.mc

To be eligible, the Blue Fund applicant company leading the project (the "project Leader") and its digital project (the "Project") must meet the following criteria:

Procedures for arbitration and assessing files

Eligible projects are assessed according to the following criteria:

• Quality of projects based on quotes and sales pitch
• Alignment with the business sector and development strategy
• Project feasibility (technological integration/digital tools, integration timetable, skills/project team, etc.)
• Proof of financial viability (fundamental element for obtaining co-financing. Applicants must demonstrate their ability to bear 70% of the costs of the project, which will guarantee its successful and efficient implementation)
• Sustainability of the project (organisation and resources allocated to maintain the system once the project has been completed)
• Study of the economic impact of the project (including indicators and targets for measuring added value)
• Choice of digital service provider, who must be registered with the Monegasque Trade and Industry Directory (RCI). If there is no such service provider in the Principality, the project will be considered on a case-by-case basis

Please note: 

Where necessary, applicants may be invited to a meeting to answer questions from the selection committee.

Applications submitted by an organisation that is not meeting its legal and administrative obligations will not be considered by the teams, and will automatically be deemed ineligible.
 

A financial support for digital development Projects, covering up to 70% of their total cost excluding tax. Preference is given to Projects that bring significant value and structure to the Monegasque economy.

However, there are limits to the amount of funding depending on the status of the project Leader:

• For companies that are up to date with their legal, tax and social obligations, the maximum amount of funding is €150,000, limited to three applications
• For companies with a turnover of more than €10 million, funding is capped at €50,000, limited to three applications
• For new companies less than twelve months old, funding is capped at €30,000, limited to three applications

Please note: 

• Where necessary, Applicants may be invited to a meeting to answer questions from the selection committee
• The Government will not examine any application submitted by an entity that does not meet its legal and administrative obligations (VAT, ISB, financial statements, BE, etc.), and will issue a refusal

Co-financing regulations:

The payment arrangements and co-financing regulations are defined as follows:

• Participation of the project Leader:
  • The project Leader must demonstrate their ability to finance at least 70% of the total cost of the project
  • The Leader's contribution may not be less than 30% of the total Project budget excluding taxes
• Co-financing granted and payment breakdown: If the co-financing application for the project Leader is successful, the amount of co-financing awarded may not exceed 70% of the Project's total pre-tax budget:
  • 50% of the co-financing will be paid to the project Leader at the start of the Project, upon presentation of all purchase orders or invoices issued by the Digital Professionals concerned and approved by the project Leader (see "Submission of Purchase Orders and Invoices", below)
  • The remaining 50% will be paid to the project Leader once the Project has been completed, upon presentation of the invoices signed by the project Leader and any document certifying proof of payment by the relevant Digital Technology Professional (confirmation of payment) and that the services have been delivered (acceptance form, completion report)

Any entity applying for co-financing from the Blue Fund must comply strictly with all the legal and administrative obligations in force.

Failure to comply with these obligations will result in the ineligibility of the project for co-financing from the Blue Fund.

The Government reserves the right to refuse any Project that does not meet the Blue Fund Terms and Conditions.

Projects are subject to regular monitoring by the Blue Fund teams until delivery.

The person responsible for the Project must be clearly identified (name, email address, direct telephone number) and must be available for the monitoring sessions organised by the Blue Fund teams.

For Projects that have been approved by the Prince's Government, the project Leader formally undertakes to inform the Blue Fund, by emailing fondsbleu@gouv.mc, of any event that may have an impact on the success of the Project, including but not limited to:

• Any change(s) to the Project, including any increase or decrease in the Project cost
• Any delays to the Project
• Any cancellation of the Project, whether it has begun or not
• Any dispute relating to the Project between the project Leader and the Digital Technology Professional

The Project will be subject to an ad-hoc re-arbitration review.  The project Leader will be informed that the project is not likely to be reviewed again by the Committee in the event of:

• An increase in Project costs: there will be no changes to the initially agreed funding
• A decrease in Project costs: the project Leader may be required to reimburse the difference to the Government within 3 months

Failure to comply with the obligation to inform the Blue Fund for any reason shall leave the project Leader open to the risk that the funding granted by the Blue Fund may be withdrawn and they may be required to return any funds that have been allocated.

Reimbursement of any funds paid out by the Prince's Government will also be required in the event that the Project is cancelled (whether or not it has begun) or if there is a dispute between the project Leader and the Digital Technology Professional that is not resolved amicably or has to be settled in court. The Government shall monitor the Project for the purpose of managing funding provided through the Blue Fund.

This monitoring should not be interpreted as any kind of intervention by the Government in the relationship between the  project Leader and the Digital Technology Professional, who, respectively, retain full responsibility for managing the Project.

Consequently, the Government cannot be held liable in the event of an occurrence affecting the project that is attributable to the relevant project Leader and/or the Digital Technology Professional(s).
 

Within the framework of the Blue Fund, post-implementation monitoring is essential to assess the economic impact of the projects financed and to improve the co-financing scheme proposed by the Prince's Government.

Those who receive assistance undertake to co-operate, as far as possible, with the relevant teams from the Blue Fund by supplying the data required to analyse the economic impact of the Project.

This monitoring can take the form of phone or email surveys, among other things, to gather relevant information. These will be carried out by the Blue Fund teams or a representative.

The active participation of the project Leader is crucial to ensure the success and sustainability of the initiatives supported by the fund.

It is important to emphasise that both the co-financing applicant and the Digital Professional(s) supporting the Project must commit to clearly defined contractual obligations. These obligations are mutual and are the responsibility of both the Digital Technology Professional and the project Leader. Any breach of these obligations must be reported as soon as it occurs so that problems can be resolved quickly and effectively.

Under no circumstances can the Government be held liable in the event of a dispute between a project Leader and their partner(s). If a dispute is not resolved, the project Leader may be required to repay the funding.

This provision is designed to ensure transparent and fair management of disputes, by encouraging parties to resolve their differences amicably. We therefore encourage you to report any breach of contract as soon as it occurs and to cooperate in finding a satisfactory solution for all parties involved.

Blue Fund applicants agree to strictly adhere to the Terms and Conditions and the procedures set out in this page to ensure the smooth management and effectiveness of the project.

To apply for financial support from the Blue Fund, click here to access the dedicated procedure.