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European Commission allocated EUR 7 mln to 6 post-Soviet republics

2010-03-04 18:01

The European Commission allocated EUR 7 mln grant for aid to small and medium business in 6 post-Soviet states, including Georgia.


Financing in the framework of East-Invest program will be opened in May. The program lasts for 3 years.

James Wilson, the director of Ukraine-EU business council, said the program is aimed at support of economic development and intensification of regional trade via improvement of entrepreneur activity in Armenia, Azerbaijan, Belarus, Georgia, Moldavia, and Ukraine - RBC. The money is intended for financing the projects, favouring development of cooperation between the CIS and the EU, as well as foreign investments.

The manager of the money of the program hasn't already been defined.

According to Wilson, organisations in the aforesaid countries can already prepare initiatives for financing. He said the maximum cost of projects wasn't defined, yet the EU wouldn't finance more than 80 per cent of them.


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