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Economy 2020-06-15T04:22:35+03:00
Ukrainian news
EU Allocates EUR 9.5 Million To Support Small And Medium-Sized Entrepreneurship In Donbas

EU Allocates EUR 9.5 Million To Support Small And Medium-Sized Entrepreneurship In Donbas

Donbas, EU, small business, medium business

The European Union has allocated EUR 9.5 million to support small and medium-sized entrepreneurship in Donbas.

Delegation of the European Union to Ukraine has said this in a statement, Ukrainian News Agency reports.

“On December 19, 2019, financing agreements were signed between the German-Ukrainian Fund and financial partner institutions (OTP Leasing, Oschadbank, Ukrgasbank) to implement the FinancEast program, which is funded by the European Union through KfW as part of the EU4Business initiative,” the statement reads.

KfW is a German state development bank headquartered in Frankfurt.

The German-Ukrainian foundation will act as the executor of the program.

The program itself is aimed at the resumption of financing of small and medium-sized entrepreneurship in the controlled districts of Donetsk and Luhansk regions, the economic recovery of Donbas and increasing its investment attractiveness.

The allocated grant provides for compensation of up to 50% of the cost of investment projects to be financed by OTP Leasing, Oschadbank and Ukrgasbank.

In particular, projects may include the purchase on a lease or loan of agricultural machinery, equipment and vehicles, installation, construction or reconstruction of premises, their commissioning.

As Ukrainian News Agency earlier reported, the European Investment Bank decided to allocate financing to Ukraine to expand its warehouse infrastructure and purchase grain carriers.

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