MINSK - The European Union (EU) will allocate €14.5 million in support of entrepreneurship and economic development in Belarus, in accordance with the agreement signed by the European Commission (EC) and the Belarusian Government on Apr 5, 2018. The text of the agreement was made public on Belarus’ national internet portal on May 15, 2018.
The document says that Belarus has been gradually exhausting the potential of the state-centred growth model. The development of entrepreneurship and the private sector is considered key to ensuring economic growth, competitiveness and economic output.
The EC support programme aims to contribute to creating a favourable environment for the development of the private sector by means of improving conditions for entrepreneurship, promoting competitiveness and innovation for SMEs, facilitating access to finance for micro-, small- and medium-sized enterprises. Besides, the EC programmes aims to enhance possibilities for public private partnership in Belarus.
The EC support programme, which is intended to span a 7-year period, is financed under the European Neighbourhood Instrument (ENI).