Funds from the innovation fund of the Vitebsk Regional Executive Committee will be directed to the development of business in the Orsha district
Funds from the innovation fund of the Vitebsk Regional Executive Committee will be directed to finance innovation projects of small and medium-sized businesses in the Orsha district, as well as to develop entrepreneurship infrastructure in the region. This decision was made at the tenth session of the regional Council of Deputies.
The Chairperson of the Economics Committee of the Regional Executive Committee, Anzhelika Nikitina, noted that an obligatory condition for allocating funds will be ensuring a value-added level that corresponds to a similar type of economic activity in Belarus. The review of an entrepreneur's project will be carried out by the commission of the Regional Executive Committee based on the results of an open competitive selection, assessment of the business plan, feasibility study, as well as the availability of project documentation and own sources for co-financing the entrepreneur's initiative. "The applicant is required to provide an annual report on the project's effectiveness, which should reflect the achievement of performance indicators, economic and social parameters, the nomenclature and volume of innovative products, and information on job creation," noted Anzhelika Nikitina. According to her, these measures will contribute to the development of the Orsha district, as well as the region as a whole.