EU launches new EU4Business information portal to support small businesses in the Eastern partner countries
The European Commission has launched a new EU4Business portal that provides information on the scope of EU support to small- and medium-sized businesses in Armenia, Azerbaijan, Belarus, Georgia, the Republic of Moldova and Ukraine.
The report published today shows an extra €1.3 billion income for small and medium-sized enterprises, which received support through the European Union’s EU4Business initiative in 2019. Almost 80,000 companies in Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine received assistance and managed to create over 117,000 new jobs.
Armenia. The Armenian government approved its Economic Response programme and associated Action Plan. This was based on the ninth (overcoming COVID-19 and elimination of its far-reaching effects) and tenth (reinstatement of the economic environment) paragraphs of the roadmap setting the priorities, goals, and scope of anti-crisis measures in place until the end of the first half of 2021.
Armenia. In 2021, the state will allocate about 520,000,000 AMD (more than $1 million) to support small and medium-sized businesses in Armenia. According to the Ministry of Economy, businesses will receive the necessary consulting services, training courses, and vocational training to improve access to finance.
Armenia. According to the World Bank’s latest report, the economic and social measures to mitigate the pandemic cost Armenia’s budget around 2.3% of GDP. The report states that revenues fell by 6% yoy resulting in the deficit of around 1.7% of projected annual GDP in the year-to-July.