London, May 17 (Interfax-Ukraine) – The Ukrainian Bank for Development will be established by the end of 2011 and will replace state targeted programs, the head of the State Agency for Investment and National Projects Management, Vladyslav Kaskiv, said at the seventh Ukrainian Investment Summit organized by the Adam Smith Conferences in London on Monday.
"The creation of the Ukrainian Bank for Development will allow to optimize costs, reduce corruption and eliminate the system of state targeted programs as ineffective," he said.
Kaskiv told Interfax-Ukraine that currently the agency and the National Bank of Ukraine are finalizing the development of a draft law on the bank for development and its organizational model.
According to him, the bank will be established on the basis of the Ukrainian Bank for Reconstruction and Development, but the final model is being agreed.
The Ukrainian Bank for Reconstruction and Development was founded in 2004. As of January 1, 2011 its largest shareholder was the State Innovation Finance and Credit Institution with 99.9937% of its stock.
According to the National Bank of Ukraine, as of January 1, 2011 in terms of total assets the bank ranked 168th (UAH 127 million) among the 175 banks operating in the country.
