Half of 1994 EU funds to support small businesses used inappropriately

Almost a half of 400 million crowns, or more than 21 million US dollars, from EU Phare fund that was meant to boost small-scale businesses in the Czech Republic in 1994 were used inappropriately, according to the Czech Regional Development Ministry. The money was instead used for administrative tasks. Regional Development Minister Jiri Cunek said on Monday that the misused funds will be reimbursed by the government that will also revive the programme.

Author: Jan Richter