The South Aegean Regional Development Fund is a private legal entity, established in 1994 (according to the Law 2218/1994) and its functioning is governed by the provisions of the Law 3852/2010.
The main responsibility of the Regional Development Fund is the financial management of projects of the Public Investments Program, including projects co-funded by the European Union.
The Regional Development Fund has also the competence for the technical support of the Region, as well as for the management of other financing (from the EU or other public sector bodies), involving regional and special development programs in the Region.
The South Aegean Regional Development Fund is administrated by a nine-member Board, chaired by the President of the Region of South Aegean.
The Board is established by decision of the President for five years, and consists of senior officials of the Region, elected Regional Councillors, along with representatives of employers, of trade organizations and Chambers of Commerce.
The financial management of the Regional Development Fund is carried out under its own budget, which is approved by the Board.
Regular monitoring of the Regional Development Fund is made by certified auditors or by the Court of Auditors.
Today, six employees serve in the South Aegean Regional Development Fund.