New EU support for private sector development

New EU support for private sector development

The European Union has announced the doubling of the bilateral assistance package to Belarus to €29 million in 2016

The funding package has doubled from €14.5 million in 2015 to €29 million in 2016, with the aim of boosting private sector development and strengthening institutions in the country.

Funding will be provided to strengthen private sector development (€14 million) by contributing to participatory and sustainable social and economic development. With a focus on regions with low competitiveness, the EU will provide innovation support for local inclusive development.

The programme will also support the strengthening of local business advisory services and subsequently increase SME know-how. It will provide additional support to enable easier access to finance for micro, small and medium-sized enterprises and social enterprises.