The European Investment Bank (EIB) has a new support program for small and medium-sized enterprises in Moldova, Ukraine and Georgia. The program, which is available to countries that have signed an Association Agreement with the Union, was launched in Kyiv on February 9, IPN reports, quoting a press release of the Bank.

The EU’s contribution is part of the European Commission’s wider EU4Business initiative, which brings together EU-funded programs supporting SME development and improving the business environment in Eastern Partnership countries. The Delegation Agreement foresees the provision of €2.8m for risk capital operations, €7.8m for technical assistance and €49.7m for guarantees through the EIB and the European Investment Fund.

The goal of the Deep and Comprehensive Free Trade Agreement (DCFTA) Initiative East is to strengthen economic development in the target countries by providing financial and technical support to SMEs. Since the beginning of 2016 all EU activities that support small and medium-sized enterprises in the Eastern Partnership countries have come under the umbrella of EU4Business.

EU4Business provides: support to national authorities, helping to change and improve laws and regulations, building a better regulatory framework to improve investor confidence; support to Business Support Organizations as membership organizations enable a dialogue between government and business; direct support to small and medium-sized enterprises, for example by providing finance, training, coaching and advice, import and export support and matchmaking.