OREANDA-NEWS. Governor of the National Bank of Ukraine Stepan Kubiv has had a meeting with a high ranking delegation of the European Bank for Reconstruction and Development (hereinafter - the EBRD) headed by EBRD President Sir Suma Chakrabarti. As is known, the EBRD is the largest financial investor in Ukraine that provides funding for a wide range of projects. It primarily invests in financial sector projects, agricultural business, real estate sector, metallurgy, energy industry, and infrastructure development.

The main aim of the meeting was to discuss the prospects for cooperation in strategic areas in 2014 - 2015. The sides addressed the pressing issues related to Ukrainian banking sector reforms and emphasized the need to carry out an external audit and conduct stress testing of Ukrainian banking institutions as soon as possible, which would foster a further consolidation in the domestic banking system.

EBRD President Sir Suma Chakrabarti noted that, apart from undertaking reforms and the innovative restructuring of Ukrainian banking sector, it is vital to restore public confidence in the banking system and put lending to the economy, specifically, to the industries such as the financial sector, energy industry, agriculture, small and medium sized businesses on a sustainable path.

He also added that in 2014 the EBRD could provide a comprehensive financial aid package worth around ˆ1 billion to Ukraine. On top of this, the Board of Directors of the EBRD has responded immediately to the situation in Ukraine and approved the allocation of ˆ 400 million in funding for Ukraine and intends to provide ˆ250 million in loans to the economy through banks. In addition, the EBRD is committed to providing a comprehensive package of technical assistance that Ukraine urgently needs.

Governor of the National Bank of Ukraine Stepan Kubiv thanked EBRD officials for their willingness to expand the activities of the EBRD in Ukraine. He expressed hope that a Memorandum of Understanding drawn up by the EBRD to establish the initiative to combat corruption would give a powerful impetus to the effort to improve the investment climate.

Mr Stepan Kubiv noted that the National Bank also takes comprehensive measures to enhance transparency and openness of the banking system. In particular, as part of efforts to enhance the protection of the rights of investors and creditors, the National Bank of Ukraine has recently published updated information on the holders of qualifying holding within Ukrainian banks on the NBU's website.