The Regional Development Fund (RDFC) is a Legal Person of Private Law. It was constituted in each Region according to Law 2218/94 and its later modifications and it is supervised by the Minister of Internal Affairs.
The Regional Development Fund of Crete was established in February 1998 and its seat is in Heraklion of Crete.
The Regional Development Fund is governed by the following legislation:
• Law 2218/94 (establishing law of the Regional Funds as modified)
• Regulation 2141/98 (financial administration and management regulation as modified)
• Regulation 4683/98 (personnel regulation of the Regional Development Funds as modified) Law 3852/11
The RDFC has the following responsibilities and goals:
1. Management, according to the decisions of the regional council of credits, of the public investments program, the financing of public bodies and other legal persons, financing from EU programs and other international organizations and bodies, in regard to regional and special development programs of the Region. By exemption of the provisions in force on Public Investments, the RDF is responsible for payments of works from the budget of Public Investments.
2. Support of the Executive Committee and the local Directorate.
3. Support of the development planning of spatial development units wider than the region, with the supply of the necessary data to the local offices. Support of the beneficiaries in the procedure of prioritizing the works to be realised, preparing and integrating them into the corresponding operational programs. Support during from their execution to their completion.
4. Technical support of the region, especially in the conduct of studies and research and in the implementation of programs assigned to the Fund by the Region for more effective resources utilization.
5. Accounting management.
6. Imposition, confirmation and collection of duties, rights and contributions for the Fund, upon decision of the regional council and approval of the Minister of Internal Affairs, Decentralization and Electronic Government.
7. Participation in EU programs.
8. Conclusion of loans with financing bodies from inside the country and abroad for the execution of works, the supply of services and the implementation of programs.
9. Supply of services, conduct of research, elaboration of development, technical-economic and organization studies, supervision and implementation of programs assigned to the Fund by the Ministries, the Region, the Decentralized Administration and Legal Persons of Public Law. The terms of conduct and the payment of the Fund are foreseen by the commission agreement. A decision of the Minister of Internal Affairs, Decentralization and Electronic Government, issued upon opinion of the Central Union of Municipalities and Communities, determines the procedure and the conditions for the payment of the Fund from resources of article 25 of Law 1828/1989 (GG 2 Α'), as valid, when the assignment to the Fund has been made by a municipality.