Project to assist in effective economic development

The European Commission has announced €55m of funding to support the development of the Ukrainian economy.

The ‘EU Support to Ukraine to Re-launch the Economy’, or EU SURE, project will support national, regional and local authorities and other stakeholders to develop and implement effective economic development policies, including SME policy.

One component will be the setting up of business support centres to cover 15 different regions. The centres will be managed by the European Bank for Reconstruction and Development for the development of regional capacities and training in entrepreneurial skills in at least 15 regions of Ukraine, in association with local business associations, banks and local/regional authorities. Particular emphasis will be put on the areas affected by the conflict in order to contribute to the recovery.

This action will also facilitate Ukraine’s participation in Horizon 2020. Earlier this week, the government in Kiev approved a bill that allows for the participation of Ukraine in the EU research and innovation framework programme. The proposed law now needs to be passed by the Ukrainian Parliament.