News

Additional support for businesses in Ukraine

02.02.2023

The terms of the Finnpartnership Business Partnership Programme, which is funded out of Finland’s development cooperation appropriations, were amended as of 2023 with regard to projects where the target country is Ukraine. The amendment means that business partnership support may cover 85% of the total costs of projects in Ukraine. Previously, this support was 50% for large enterprises and 70% for small and medium-sized enterprises. The amended terms apply to applications submitted this year, regardless of the size of the enterprise.

The aim of the amendment is to increase support to Ukraine both during Russia’s aggression and during preparations for reconstruction. Finnpartnership offers one way of strengthening cooperation between Finnish and Ukrainian operators.

“Finland has a lot of expertise which Ukraine needs. This amendment will increase support for the Finnish companies that seek new partnerships in Ukraine,” says Minister for Development Cooperation and Foreign Trade Ville Skinnari.

Since Russia started its illegal invasion of Ukraine in 2022, Finland has both increased its support to Ukraine and adjusted its existing support measures so that they better respond to the acute distress and reinforce the Ukrainian resilience in times of war. At the same time, preparations are underway for the reconstruction of Ukraine.

Seed money for responsible and sustainable business activities

Finnpartnership offers advice on business activities, funding for project preparation and contacts that help launch sustainable business activities in developing countries. Business partnership support is seed money for business activities that have a commercial financing base and that have positive development effects in the target country. In the past five years, support has been granted to three projects where the target country is Ukraine.

Business partnership support may be granted for searching for a partner, for planning activities and for training employees, among other uses. Support may even be granted for reinforcing existing business activities, for follow-up projects and for pilot projects.

The services offered by Finnpartnership are free of charge. They are intended for use by companies, non-governmental organisations, educational institutions and other bodies. Applications for Business Partnership Support can be submitted year-round.

The news was originally published by the Ministry for Foreign Affairs of Finland.

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