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Tuesday, December 12, 2017

Ukraine considering framework to accept development funds

The Ukrainian Minister of Economic Development and Trade announced Thursday that the country's parliament is considering draft laws that would allow the country to accept $800 million from outside sources.

Aivaras Abromavicius said the funding would be a Second Development Policy Loan in which the World Bank would supply $500 million and the Japanese government would supply $300 million. 

"If we pass all the rest of the laws by March 30, the funds will be provided in April," Abromavicius said during a meeting of the National Reform Council.

Laws that would impact this include one protecting investor's rights and one that recently passed eliminating the need for licensing on 26 types of economic operations. Deputy Head of the Presidential Administration Dmitiry Shymkiv expects the law will pass.

Earlier in March, the World Bank also committed its support for a health initiative in Ukraine with a $214.7 million loan.

Organizations in this story

United State -Ukraine Business Council (USUBC) 1300 I Street, NW, Suite 720 W Washington, D.C. - 20005

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