Germany allocated $10 million for development of small business in Ukraine
The German Investment and Development Corporation (DEG) will contribute $10 million to the development of small and medium-size businesses in Ukraine, as reported on the website of the German Embassy in Ukraine.
This amount will be transferred to the Emerging Europe Growth Fund III (EEGF III). According to the website of the diplomatic department, this will allow access to long-term financing for small and medium-sized businesses in Ukraine.
The German Investment and Development Corporation is a subsidiary of the banking group KfW-Bankengruppe, which, on behalf of the German government, finances private enterprise investments in partner countries.
The Emerging Europe Growth Fund III (EEGF III) invests in export-oriented industries, particularly in IT, light, and food industries. Another priority for the fund are electronic commerce and health enterprises, as well as enterprises in other sectors working in the domestic market.
The Fund primarily focuses on small and medium-sized enterprises that need capital for their own growth and to create new jobs. It is these enterprises that are hindered by their limited access to capital, the embassy said.
In general, there is a desire to increase the capital of the Emerging Europe Growth Fund III (EEGF III) to 150 million US dollars, as indicated by the diplomatic department.