EU MOBILIZES ADDITIONAL 500 MILLION EUROS FOR EUROPEAN NEIGHBORS

The EU has mobilized its major de-risking instrument the European Fund for Sustainable Development, worth a total of 1.55 billion euros, with 500 million euros being made available for the EU's neighborhood.

According to the European Commission’s press release, this will rapidly provide liquidity in the EU's neighborhood, including through working capital, trade finance, or moratoria on debt service.

“This support is in addition to the ongoing macro financial assistance support to partners, including Georgia, Moldova and Ukraine”, the text says.

Also, the document mentions the launching of a new support program of 100 million euros to help SMEs, including self-employed and others to easily access credit and boost their businesses after the crisis.

Besides, it says about facilitating, simplifying, accelerating, and reinforcing 200 million euros worth of existing credit lines and grants to SMEs in local currency including through its EU4Business Initiative.

Meanwhile, the Commission maintains that the outbreak of coronavirus has accelerated the spread of myths and disinformation around it, coming from various sources both within and outside of the European Union.

“The Commission is working closely with International Financial Institutions and relevant financing institutions from EU Member States providing a coordinated European response for the real economy, including SMEs”, the document says.