Cabinet greenlights creation of National Investment Fund.

Photo from UNIAN, by Volodymyr Hontar

Photo from UNIAN, by Volodymyr Hontar

Ukraine's Cabinet of Ministers has adopted a resolution to establish the state enterprise National Investment Fund of Ukraine.

Read also World Bank predicts mild recovery of Ukraine's economy in 2021 That is according to resolution No. 295 dated March 31, 2021, which was published on the government's portal, following a Cabinet meeting held on Wednesday.

"The Ministry for Development of Economy [Trade and Agriculture] is to develop a bill on the National Investment Fund within a month. In particular, it shall provide tools for joint investment projects with the sovereign wealth funds of the United Arab Emirates, Qatar, and other states, as well as a bill to amend the law of Ukraine on the national budget for 2021 as regards the financing of the National Investment Fund," the document said.

Also, the ministry must prepare a draft Cabinet resolution on the reorganization of the National Investment Fund into a joint-stock company within a month after changes to the 2021 national budget are approved.

The Fund's charter capital is expected to stand at UAH 100 million, or US$3.6 million.

Background

  • On March 19, 2021, Ukrainian President Volodymyr Zelensky signed a decree on the establishment of the National Investment Fund.
  • Earlier, the Office of the National Investment Council under the Ukrainian president, within National Economic Strategy until 2030, proposed the creation of the State Fund of Funds and the National Investment Fund.

Translation: Olena Kotova

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