Ukraine intends to create State Bank for Development in 2013, says first vice premier
The state program on stirring up the development of the Ukrainian economy in 2013-2014 that is being drawn up by the government envisages the creation of a State Bank for Development in 2013, First Vice Premier Serhiy Arbuzov has said.
"This will be a bank of the first level, which will issue there are resources for commercial banks to issue long-term credits for upgrades," he said during the discussion of the draft program at the cabinet in Kyiv on Tuesday.
Economic Development and Trade Minister Ihor Prasolov said that the financing of investment projects via the State Bank for Development would be a more effective way than the existing options thanks to the fact that the recipients of the funds will be non-government banks.
He said that the sources of the financing of the State Bank for Development would be the budget and government-secured loans.
At present, two fully state-run banks operate in Ukraine – Oschadbank and Ukreximbank, being ranked second and third in the terms of assets among all the banks, and three banks nationalized during the financial crisis.
