The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are strengthening their support for small and medium-sized enterprises (SMEs) and women entrepreneurs in the Eastern Partnership countries, which include Moldova, IPN reports.

According to a press release of the EBRD, the European Union is providing €8 million to support the extension of business advice to SMEs in the six countries over several years that will enable small businesses to access advice through local consultants and international industry advisers in a wide range of areas including strategy, marketing, information technology and energy efficiency.

Forty per cent of advisory projects in Georgia, Moldova and Ukraine will be related to helping small businesses unlock new opportunities under the Deep and Comprehensive Free Trade Area (DCFTA).

The European Union is also providing €5.035 million to the EBRD’s Women in Business Program in Eastern Partnership countries. The program offers women-led SMEs access to finance and business advice through credit lines, risk management support and technical assistance to local partner banks that work with women-led SMEs and business advisory services, training and mentoring.

The EU contribution will support risk management and technical assistance activities under the program, which is also funded by the Government of Sweden and the EBRD’s Early Transition Countries Fund.

The EU and EBRD cooperate also on DCFTA-related activities in Georgia, Moldova and Ukraine, countries that have signed Association Agreements with the EU. The activities are part of the larger DCFTA Facility for SMEs, which will unlock new investments for small and medium-sized enterprises in the three countries, largely from new loans by international financial institutions such as the EBRD and the European Investment Bank.