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EU to allocate 120 mln USD for Ukrainian business

Xinhua, April 28, 2015 Adjust font size:

The European Union (EU) has decided to provide Ukraine with 110 million euros (about 120 million U.S. dollars) for the development of small and medium-sized businesses, the 28-member bloc said Tuesday.

"This move is a response to the urgent need to support the reconstruction and economic development of Ukraine," an EU delegation to Ukraine said in a statement on its official Facebook page.

According to the statement, a total of 76.5 million dollars of the overall aid package will be used to step up growth of Ukraine's small and medium-sized enterprises and create new jobs in the private sector.

The rest 43.5 million dollars are designated to facilitate Ukrainian businesses' access to lending, it said.

The EU's financial assistance will be provided primarily for enterprises operating in Ukrainian regions affected by the armed conflict between government forces and pro-independence insurgents, said the statement.

At a Ukraine-EU summit here Monday, Ukrainian President Petro Poroshenko reiterated his country's commitment to moving toward integration with the bloc.

In June 2014, Ukraine and the EU signed an association agreement aimed at removing trade barriers between the two sides. Endi