Ukraine plans to establish National Development Institution

This was announced on Facebook by Deputy Chairman of the Verkhovna Rada Committee on Economic Development Dmytro Kysylevskyi, Ukrinform reports.

According to the explanatory note to the document, it is about the creation of the National Development Institution, which will perform the functions of providing financial and other support for the development and reconstruction of the economy of Ukraine by supporting target groups of business entities that have development potential, or the type of their economic activity is a priority for the economy of Ukraine. 

According to Kysylevskyi, with the adoption of the law, project financing mechanisms for the modernization and construction of large-scale industrial enterprises will be created in Ukraine. 

"The National Development Institution is supposed to be established on the basis of the Entrepreneurship Development Fund <...> If the law is adopted, this institution will receive another strategic direction - project financing. Relatively cheap and long-term funds for the purchase of equipment will be provided on the security of the same equipment," said the deputy.

In his opinion, the source of funds for filling the NUR can be not only the state budget, but also the contributions of international partners to the authorized capital, as well as attracted loans. 

Currently, the investment need of Ukrainian industry is about USD 90 billion. 

"These are the data of a group of experts who, on my initiative, joined the development of the Plan for the Development of the Processing Industry. The creation of the National Development Institution is one of the steps to implement this strategy," Kysylevsky said. 

As reported, Ukraine expects to attract about EUR 10 billion more from the European Union in 2024, subject to the fulfillment of the obligations set out in the Plan of Ukraine.