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623 Goverment finance

European Commission to allocate EUR 50mln to support Eastern Ukraine

Ukraine and the EU signed the corresponding agreements in Brussels

The representatives of the EU and Ukraine signed an agreement of financial support of the EU for the Eastern parts of Ukraine. Ukraine will receive the funds via an instrument of the European Neighborhood Policy.

The document stipulates legal grounds for the measures from the EU in order to promote peace, economic recovery and reconciliation in Eastern Ukraine. The funds will be channeled into four directions: decentralization and administration; economic recovery and development of small and medium enterprises; social security and social unity; sectoral reforms and structural changes.

The document pays particular attention to the allocation of the funds to stimulating job creation and the economic growth. The financial stimuli will help SMEs and contribute for the unity and peace in the war torn region in Ukraine. The agreement stipulates also other measures, like structural reforms in health care, education and support of the basic infrastructure in the region.

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