Norway and Germany allocate $ 2.1 million to support energy resilience of small businesses in Ukraine
A new grant program offers Ukrainian entrepreneurs over $21,000 for energy equipment investments.
Norway and Germany started a grant program to bolster Ukrainian small businesses’ energy infrastructure, Ukraine’s Ministry of Finance announced
According to the ministry, the initiative will provide $2.1 million to support micro and small enterprises in acquiring energy-efficient equipment and autonomous energy solutions.
Russia continues its deliberate daily air attacks on residential areas and civilian infrastructure. Since October 2022, it has systematically targeted Ukraine’s energy infrastructure with extensive missile and drone assaults, aiming to disrupt civilian life, particularly during the winter months.
The program, implemented by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and the Entrepreneurship Development Fund, offers targeted financial support through four authorized banks: Ukrgazbank, Oschadbank, Sense Bank, and Bank Lviv.
According to the report, micro-enterprises can access grants up to €10,000 ($10,550) without mandatory bank credit requirements; and small businesses can receive up to €20,000 ($21,101) in grants, coupled with bank credits.
Successful project implementation could result in up to 40% credit debt reimbursement.
Business is crucial for Ukraine’s economy as it serves as a key driver for recovery and reconstruction amidst ongoing challenges from the war. The resilience of Ukrainian businesses, particularly small and medium-sized enterprises, is essential for sustaining employment, fostering innovation, and integrating into global markets, thereby supporting GDP growth and economic stability in the face of adversity.
US Ambassador to Ukraine Bridget Brink announced on 26 November the provision of the critical infrastructure support to Ternopil following a Russian drone attack that severely disrupted the region’s energy systems.
Read also:
- Germany allocates $ 68 million to restore Ukraine’s energy sector
- US, EU to send $112 million aid to Ukrainian top energy company after Russian attacks destroy 90% of its generating capacity
- Russia targets Ukraine’s energy system with over 1000 missiles since 2022
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