USAID triples grant support for Ukrainian processing companies

MOSCOW. Dec 15 (Interfax) - The United States Agency for International Development has tripled its grant support for the Competitive Economy Program in Ukraine, bringing it to $11 million, Ukrainian media said, citing the Economy Ministry's website.

The amount of grant funding was increased in light of a large number of applications and strong interest from processing industry enterprises, the ministry said.

The step will make it possible to nearly triple the number of grants awarded under this program to around 75.

The grants will support businesses' activities that contribute to the creation of innovative products, production upgrades, steps to reduce manual human labor, import substitution and expansion of exports to fill the niches previously dominated by Russian and Belarusian products, as well as measures to localize the production of goods essential to recovery efforts.

The USAID Competitive Economy Program supports Ukrainian businesses seeking to boost their competitive edge on Ukraine's domestic market and international markets, helps build a simplified and transparent business climate and enables Ukrainian companies to benefit from international trade.