18:32 07.10.2020

Ukraine, EBRD sign memo to strengthen corporate governance, obliging Ukravtodor to carry out anti-corruption reform

2 min read
Ukraine, EBRD sign memo to strengthen corporate governance, obliging Ukravtodor to carry out anti-corruption reform

The European Bank for Reconstruction and Development (EBRD) and the Ukrainian government have signed a memorandum of understanding, under which the State Agency of Automobile Roads of Ukraine (Ukravtodor) undertakes to carry out anti-corruption reform.

"In the memorandum of understanding signed at the sidelines of the EBRD 2020 Annual Meeting today both parties commit to supporting efforts to enhance Ukravtodor's procurement system and to strengthen its internal controls, policies and procedures that aim to prevent bribery and corruption," the bank said on its website.

Resolution No. 1216-r of the Cabinet of Ministers dated October 5, 2020 on the approval of the draft memorandum has been posted on the government's website.

"The partnership between Ukravtodor and the EBRD on corporate governance and anti-corruption practices is another indication that Ukraine has the political will to remove opportunities for any corruption. In addition, such cooperation with our partners will increase the efficiency of public investments in infrastructure projects. The government is continuing its corporate governance reform in line with OECD best practices and is considering the application of this reform in 15 state-owned enterprises in the near future," Prime Minister of Ukraine Denys Shmyhal said.

"This cooperation to strengthen anti-corruption measures in the road sector will serve as a pilot – and a litmus test – for a broader anti-corruption and good-governance program backed by the EBRD and targeting all Ukrainian state-owned enterprises and public sector entities," Matteo Patrone, the EBRD Managing Director for Eastern Europe and the Caucasus, who signed the agreement on behalf of the bank, said.

"As part of the memorandum, Ukraine is committing to implementing the OECD Guidelines on Corporate Governance of State-Owned Enterprises and to adopting an overarching state ownership policy," the report says.

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