The Belarusian economy is founded on large state-owned enterprises. SMEs account for around a fifth of GDP, below the EU average, and it has been a challenge for small privatised companies to flourish. Initiatives have though been put in place to encourage innovation and support SMEs. EU funding, channelled through EU4Business, focuses on improving access to finance and foreign markets, building business skills and encouraging entrepreneurship.



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Armenia Armenia gets one-year customs tax break within the framework of the Eurasian Economic Union. Lower rates than the single EEU customs tariffs shall be applied in Armenia for more than 600 items of goods imported.
Armenia VTB bank joins the governmental 3 rd assistance action programme aimed at mitigating the liquidity risk of SMEs to offset consequences of coronavirus pandemic jointly with the Ministry of Economy and the Investment Support Center. It enables...

Success stories

The Women in Business Support Programme of the European Bank for Reconstruction and Development (EBRD) and the EU4Business initiative helped one Belarusian entrepreneur increase sales by 80% and raise her brand’s profile. “Nobody believed in us” Irina Serezhonok came up with the idea of ​​selling children's clothing right after she had her firstborn. It turned out that there was almost no high-...
Coming out of nowhere, the coronavirus pandemic has swept away many jobs in the restaurant, tourism, construction, and international transport businesses. Yet, not everyone who found themselves unemployed was not afraid of change. A project called "Local support for economic development in Belarus" has provided these individuals with the opportunity to learn something new and find themselves a...
Today, Nelva has 250 employees, 14 stores and thousands of fans in Belarus, Russia and Ukraine. Deputy Director Irina Rakhmanova speaks of how the ambitions of a few students grew into a large-scale business. Her speech is filled with such passion and enthusiasm that it immediately becomes clear why this could not have been any other way. 10 years from reselling knitwear to owning a chain of...