March 22 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Thursday that together with the EU it is providing 1.15 billion euro ($1.42 billion) in loans to small and medium-sized enterprises (SMEs) in Moldova, Georgia and Ukraine.
The EU4Business-EBRD Credit line will assist local SMEs in reaping the benefits associated with their countries’ free trade agreements with the EU, the world’s largest trading block, the EBRD said in a press release.
The EBRD will provide 1.1 billion euro in credit lines and trade finance, while the EU is providing 58.3 million euro in grants.
"EU4Business-EBRD Credit line has allowed SMEs in sectors such as manufacturing, retail, agriculture and food processing, transport, services and health care to improve their products, strengthen their export potential and adopt EU standards and technical norms," European Commission neighbourhood policy and enlargement negotiations deputy director-general Katarina Mathernova said.
The EBRD supports businesses with much-needed finance through local partner banks, which allows them to invest in efficient and modern equipment and technologies, the bank said.
EU funds complement investments with technical expertise and provide incentive payments to companies for successful completion.
($=0.8121 euro)