EBRD, EU Launch New Project to Support Central Asian Businesses

EBRD, EU Launch New Project to Support Central Asian Businesses

The President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso and European Commissioner Jutta Urpilainen on Wednesday launched a new project that will support micro, small and medium-sized enterprises (MSMEs) in Central Asia.

This EBRD programme amounting to 28.6 million euros includes 5.3 million euros in EU funds and will serve to provide access to finance and know-how to MSMEs in Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan, the EBRD said in its press release.

According to the statement, The EBRD President and the European Commissioner also signed a new Financial Framework Partnership Agreement in Brussels, which establishes the basis for the two organizations’ future cooperation.

The EU, alongside all member states and the European Investment Bank, is a shareholder and founding member of the EBRD. It has been the largest donor to the Bank’s projects, contributing up to 40 percent of total donor funds since the Bank’s inception, with up to €500 million per year.

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