Kyiv's direct access to external capital markets in the coming years is unlikely because of the high cost of such borrowings and the centralized management of external sovereign and quasi-sovereign debt at the state level, but the capital of Ukraine has a good opportunity to raise funds through international financial institutions (IFI), CEO of Kyiv Investment Agency Oleh Mistiuk believes.

"Centralization of functions for external public debt management, which is based in the Ministry of Finance, implementing the conditions of the EFF program and consolidated controls over macro indicators suggest that "quasi-sovereigns" similar to municipalities should not independently enter capital markets not to disturb the structure and predictability of public debt management," he said in an interview with Interfax-Ukraine.

Mistiuk added that, given the current credit ratings of the country and the city, the cost of borrowings for Kyiv will be high enough.

"But we have an 'opened window' of opportunity to work with IFIs... We've finally lived up to the point when not only the most proactive IFIs such as the EBRD or the IFC, a subsidiary of the World Bank, but even more conservative, such as the World Bank itself, begin to move to the level of bilateralness, i.e. direct work with municipalities," the official said.

According to him, the matter will unlikely concern attracting wholesale funding.

"Most likely IFIs will consider specific sectors, specific transactions, such as transport, energy efficiency or water supply, and so on," he explained.