EU to unlock €2 billion for small businesses in Georgia, Moldova and UkraineStaff writer ▼ | May 22, 2015
At the Eastern Partnership Business Forum in Riga, the European Commission launched the Deep and Comprehensive Free Trade Area (DCFTA) Facility for Small and Medium Enterprises (SMEs).
Small businesses Eastern Partnership Business Forum
The financial means for the investments will be largely coming from the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).
"The European Commission promised concrete steps to boost trade and the exchange between the Union and our Eastern partners. Today we are delivering. The Association Agreements and the Deep and Comprehensive Free Trade Areas work. They are the right avenue for bringing the economies of Georgia, the Republic of Moldova and Ukraine closer to the EU and to our internal market.
"The €2 billion are an investment to make these economies more competitive and an investment into local companies that will create more jobs for the population. They are a sign of the EU's strong commitment to further deepen our cooperation with our Eastern partners", said the President of the European Commission, Jean-Claude Juncker.
"Small businesses are vital for modern economies, being the main driver for growth and jobs. The new Facility will give tangible support to businesses in Georgia, Republic of Moldova and Ukraine, unlocking their potential, helping them realise the benefits of the Association Agreements and reach new markets.
"This is a concrete example of the EU's commitment to Eastern Partnership and of our determination to build closer economic relations with the partner countries", said Commissioner for European Neighbourhood and Enlargement Negotiations Johannes Hahn.
Lack of liquidity is one of the major problems of SMEs. Securing funding for necessary investments, the DCFTA Facility for SMEs will help businesses seize new trade opportunities with the EU and within the region. It will help SMEs to take advantage of increased foreign direct investment, and to comply with EU product standards and environmental protection measures. ■