Riga, 21/05/2015 (Agence Europe) - At the Business Forum in Riga on Thursday 21 May, European Commissioner for Neighbourhood Policy and Enlargement Negotiations Johannes Hahn announced the launch of the Deep and Comprehensive Free Trade Area (DCFTA) Facility for Small and Medium Enterprises.
The facility will provide around €200 million in grants from the EU budget over the next 10 years. This contribution is expected to unlock new investments worth at least €2 billion for the SMEs in the three Eastern Partnership countries which have a DCFTA with the EU - Georgia, the Republic of Moldova and Ukraine. The financial means for the investments will largely come from the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).
“Small businesses are vital for modern economies, being the main driver for growth and jobs. The new facility will give tangible support to businesses (…), unlocking their potential, helping them realise the benefits of the association agreements and reach new markets”, said Hahn. “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”, said the European Commission President Jean-Claude Juncker in a press release.
During the Business Forum, representatives from the world of business stated that more could be done in the dialogue between the economic and political sectors. Rainer Linder from the German Business Committee on Eastern Europe Economic Relations therefore proposed creating a group of representatives from each Eastern Partnership country, which could meet the Commission regularly to explain its expectations and received Commission news. (Camille-Cerise Gessant)