EU gives 16 million Euros for a more competitive and innovative BiH economy

June 9, 2018 3:00 PM

BiH private companies, farmers and entrepreneurs will see another financial boost with the new EU-funded project ‘EU4Business’ worth €16.1 million.

Direct financial benefit for companies is €10 million, out of which €4.5 million for export-oriented sectors, €3 million for the agri-food sector, €1.5 for tourism and €1 million for entrepreneurship.

Companies will have the possibility to apply for the support through public calls for proposals that will be published on the website of EU Delegation to BiH. BiH institutions will also receive technical assistance within the project to create support measures for private sector development.

The project is part of the wider EU efforts to support local economic development in BiH and will build on the results of the two other EU projects, “Outreach to Local Communities” and “Local Government Initiative”.

“I believe that municipalities are mostly lacking resources for adequate services for their citizens and businesses. The ‘EU4Business’ will support business ideas of young professionals for innovative start-ups and digital entrepreneurship. Women and vulnerable groups in rural areas will be supported through models of inclusive entrepreneurship. The project will also help ‘go digital’ throughout the country”, Head of EU Delegation to BiH and Special Representative to BiH Ambassador Lars-Gunnar Wigemark said.

Ambassador of the Federal Republic of Germany to BiH Christiane Hohmann said: “We want to make BiH economy fit to the EU and that is why we are providing assistance to communities and businesses to achieve that goal”.

GIZ Director for BIH and Montenegro Brigitte Heuel-Rolf stated that the project aims to help companies to be more competitive and innovative.

“The EU4Business project is an excellent opportunity for domestic companies and institutions to apply for the available grants, with their applications addressing the export opportunities and strengthening their competitiveness and innovative approaches”, Heuel-Rolf said.

The EU funded the project with €15 million while German Government contributed with €1.1 million. It will last until March 2022 and will be implemented by GIZ, UNDP and ILO in cooperation with institutions of BiH.

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