EU invests EUR 600M to support SMEs in eastern Ukraine.

About 150 small and medium-sized enterprises (SMEs) from the frontline territories of Ukraine have taken advantage of the assistance of the European Union under the FinancEast programme, which is being implemented in partnership with the Entrepreneurship Development Fund as part of the EU’s EU4Business initiative.

Christian Ben Hell, Head of Agriculture Sector at the EU Delegation to Ukraine, said this during the presentation of the annual report of the Entrepreneurship Development Fund for 2020, an Ukrinform correspondent reports

He recalled that the programme was initiated in 2017. First, European partners financed it for EUR 15 million. Now this amount has grown to EUR 75 million.

The support programme for the eastern regions of Ukraine is based on four components, namely: governance and decentralization, security, reforms in various areas, as well as economic recovery and the development of micro, small and medium-sized enterprises.

The European Union has decided to provide flexible and affordable assistance to SMEs in the region. The work is carried out in two directions – grants to reduce banking risks when lending to businesses and direct grants that compensate 50% of the cost of investment projects.

“The EU’s ultimate goal is to restore banks' confidence in lending to entrepreneurs working close to the contact line, where the risks are much higher. By restoring trust and confidence in the results, we can ensure sustainable access of micro, small and medium-sized businesses to financial resources and help rebuild these territories," Hell summed up.

On December 19, 2019, the German-Ukrainian Fund and three Ukrainian banks – OTP Leasing, Oschadbank, Ukrgasbank – signed subsidy agreements on the implementation of FinancEast programme as part of the EU’s EU4Business initiative. This programme is aimed at restarting financing of SMEs in government-controlled areas of Donetsk and Luhansk regions, economic recovery of Donbas and improving its investment attractiveness.

ish

UkrInform

Ukraine and world news. Ukrinform brings the latest news, daily news, political news, business news, social news, cultural news, sports news, international news

https://www.ukrinform.net/

Related news
Mexico City Metro Collapse Blamed On Poor Construction.

Mexico City Metro Collapse Blamed On Poor Construction.

Officials are under pressure after an independent investigation pointed to structural faults as the cause of the accident. » Subscribe to NBC News: » Watch more NBC video: NBC News Digital is a collection of innovative and powerful news brands tha...

Juneteenth Becomes a Federal Holiday in the US

Juneteenth Becomes a Federal Holiday in the US

African Americans traditionally celebrate and reflect on the anniversary of the announcement that ended slavery in America

Condoleezza Rice explains growing up in segregated Alabama - Everything will be Okay.

Condoleezza Rice explains growing up in segregated Alabama - Everything will be Okay.

This week, Dana sits down with former U.S. Secretary of State Condoleezza Rice. Secretary Rice discusses how her father influenced her life and shaped her into the powerful woman she is today and how his guidance helped her during some of the most...

For Juneteenth, Obama reflects on future of democracy and bridging the divide.

For Juneteenth, Obama reflects on future of democracy and bridging the divide.

Former President Barack Obama acknowledged a political divide but said he hopes for unity. He said that the next generation has the responsibility to further equality for all.

Boris Johnson reflects on 'peculiar and bizarre' Chesham and Amersham by-election defeat.

Boris Johnson reflects on 'peculiar and bizarre' Chesham and Amersham by-election defeat.

Boris Johnson said he believed in “uniting and levelling up” across the country when asked if the Chesham and Amersham by-election loss was a sign the “Blue Wall” in the South was being neglected for voters in the North. From Brexit breaking news ...

Leo Terrell sounds off on Stacey Abrams' latest voter ID comments.

Leo Terrell sounds off on Stacey Abrams' latest voter ID comments.

Civil rights attorney Leo Terrell and former Trump speechwriter Stephen Miller join 'Hannity'. #FoxNews #Hannity Subscribe to Fox News! Watch more Fox News Video: Watch Fox News Channel Live: FOX News Channel (FNC) is a 24-hour all-encompassing ne...