BUSINESSINDIVIDUALS

World Bank to lend $200 million for bolstering Ukrainian economy

The World Bank intends to lend $ 200 million to Ukraine for 2016-2017 to support further economic reforms.

The press service of the Ministry for Economic Development and Trade of Ukraine reports on its Facebook page.

"The World Bank plans to lend $ 200 million for 2016-2017 for implementation of an ambitious program titled "Promotion of competitiveness for economic growth and job creation," a statement said.

The press service notes it’ planed that a part of funds will be spent on investment projects which the ministry will coordinate, while the other part of funds will be used for a macro-financial aid.

When discussing the granting of aid to Ukraine by the World Bank for further economic reforms, Deputy Minister of Economic Development and Trade of Ukraine Maksym Nefiodov announced the next steps to be implemented in Ukraine to improve technical regulations. According to the press service, they include promotion of the ISO standards in Ukrainian companies, renovation of computerized systems installed at the customs offices, expansion of possibilities at testing laboratories, etc.

Also, it is planned to determine short-term priorities for technical assistance in five key sectors: reform of state-owned companies, deregulation, reform of technical regulations, innovation and development, increasing exports and investment capabilities of the country.

By Ukrinform