16:59 31.03.2016

IFC, Swiss government allocate $3.5 mln to improve Ukraine's investment climate

IFC, Swiss government allocate $3.5 mln to improve Ukraine's investment climate

The International Financial Corporation (IFC), a division of the World Bank Group, and the State Secretariat for Economic Affairs of Switzerland (SECO) will allocate $3.5 million in 2016-2018 to finance an advisory program to help improve the investment climate in Ukraine.

The funding will be $3.5 million, the project is designed for three years until December of 2018, and its partner is the Swiss government, the World Bank project manager in Ukraine, Eugeniu Osmochescu, said at a press conference in Kyiv on Thursday.

According to him, the program's partners in Ukraine will be the Economic Development and Trade Ministry and the Agrarian Policy and Food Ministry.

The program is aimed at creating an effective regulatory environment for enterprises, the reduction of costs for the implementation of business activities and providing assistance in opening new markets to Ukrainian agricultural producers.

The new project will focus on improving regulatory procedures such as obtaining permits, licensing and inspection of enterprises in all sectors of economy. It will also help adapt Ukrainian legislation to international requirements.

The program will also help simplify the logistics in ports and river transportation in order to facilitate the development of trade and exports.

This project is based on the results of preliminary work conducted by the IFC in agriculture.

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