The report published today shows an extra €2 billion income for small and medium-sized enterprises, which received support through the European Union’s EU4Business initiative in 2021. Over 78,000 companies in Armenia, Azerbaijan, Georgia, Moldova and Ukraine received assistance and managed to create over 66,000 new jobs.
The European Bank for Reconstruction and Development (EBRD) and the European Union are boosting their support for underserved micro, small and medium-sized enterprises (MSMEs) in eastern Europe, the Caucasus and the southern and eastern Mediterranean region. This includes Armenia, Azerbaijan, Georgia, Moldova, and Ukraine.
The European Fund for Southeast Europe (EFSE) provided AraratBank with a five-year, USD 10 million credit line to finance micro, small and medium enterprises (MSMEs) in Armenia. Priority will be given to businesses most affected by economic, social and security problems caused by the war between Russia and Ukraine.
The Development Facility of the European Fund for Southeast Europe (EFSE DF) will support Armenia-based pre-seed venture capital firm SmartGateVC in implementing a new financing model for early-stage start-ups and research and development (R&D) companies.