EU to give €70 million for private sector in UkraineStaff writer ▼ | April 29, 2015
As part of the EU's €11 billion package supporting Ukraine, the European Commission has adopted a Special Measure for Private Sector Development and Approximation worth €70 million.
Politics and business A response to the urgent need
It will be complemented by a €40 million loan guarantee facility channelled through the Neighbourhood Investment Facility (NIF) which will also ease access to finance for Ukrainian businesses.
Encouraging innovation and diversification in the private sector and promoting SMEs is a cornerstone for Ukrainian development and enhances the opportunities deriving from the Association Agreement signed in 2014 and the implementation of the Deep and Comprehensive Free Trade Agreement (DCFTA) starting from January 2016.
The Business support centres set up under this new measure will also help entrepreneurs adapt to the new opportunities and challenges under the DCFTA.
These measures will be focussed in particular on the regions that have been most affected by the conflict. ■