EU4Business 2023 report shows extra €2.5 billion income generated for SMEs in Eastern Partnership region

In 2022, the European Union  disbursed €125.4 million to support a total of nearly 78,000 SMEs (small and medium-sized enterprises) in the Eastern Partnership region, 40% of which are owned by women. This resulted in over 83,000 new jobs and €2.5 billion in extra income generated by EU-supported SMEs in Armenia, Azerbaijan, Georgia, Moldova and Ukraine.

This data is presented in the European Commission’s annual report on the EU4Business Initiative, encompassing all EU support to SMEs in the five Eastern Partnership (EaP) countries. The 2023 report provides detailed information of EU assistance across the programme’s three priority areas: access to finance, business development services and the business enabling environment. 

About 30,000 SMEs received financial support in the form of loans, totalling over €530 million, through national partner financial institutions. The average loan size was about €18,000. About €33.7 million was allocated to help EaP SMEs develop their professional skills in 2022, 27% of the total sum disbursed. Around 38,000 consultancy services were provided, and 1,200 business support organisations were trained. Support from EU4Business spans a variety of sectors, from supporting an online teaching platform in Armenia to a fashion entrepreneur reviving an old, environmentally-friendly dyeing tradition in Georgia. 

In addition, the EU disbursed about €26 million to improve the business environment. With this support, over 3,000 government institutions, including policymakers, regulators, and enforcement agencies, were able to improve their capacity, and over 321 laws, regulations, and procedures were reformed. Impressive stories stand behind these figures, such as the producers of Ukrainian cheese going for growth.

EU4Business is an umbrella initiative, encompassing all EU support to small and medium-sized businesses (SMEs) in the Eastern Partnership countries – Armenia, Azerbaijan, Georgia, Moldova and Ukraine. 

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Press release

Full PDF version of EU4Business Annual Report 2023