The new funding aims to continue support for economic diversification in the areas of financial, economic and judicial governance and boost SME competitiveness and export possibilities
The EU has announced a €13.5 million targeted assistance package to enhance the competitiveness of, and export opportunities for, small and medium-sized businesses in Azerbaijan, as well as improving the business environment by assisting key government institutions.
Economic diversification is an overriding government priority and essential area for ensuring economic resilience in the neighbourhood, as highlighted by the European Neighbourhood Policy review. The funding comes through the European Neighbourhood Instrument, the main financial and cooperation instrument through which funding is given to European Neighbourhood Policy countries, including Azerbaijan.
The focus of the current programming period 2014-2017, as outlined in the Single Support Framework, is on three sectors: education, regional/rural development and justice.
The new funding will also support improvements in the efficiency of public expenditure and revenue collection by key financial institutions, thus increasing accountability in line with EU best practices and standards.