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You're reading: Kyiv ex-mayor Chernovetsky creates International Investment Fund

Ex-Mayor of Kyiv Leonid Chernovetsky has announced the creation of the Chernovetsky International Investment Fund.

As the mayor’s press service reported, the fund will be officially registered within one or two months. It will start working on the territory of Ukraine and soon – and then in former Soviet republics and several developing Asian counties.

According to the report, the fund will use money from the sale of Pravex Bank (Kyiv, $750 million) and also investments made by other investors in specific projects.

“At the first stage, the fund’s money will be invested in Internet projects, high-tech projects, development projects and also promising small business projects that could be introduced into the economies of developing countries. A business-incubator will operate as part of the fund,” the text read.

The press service said the conditions of contests for investors would appear in business publications of Ukraine, as well as on the fund’s Web site, which will be launched soon.

Within the next two to three months, a contest commission will be formed for each investment area, made up of leading scientists from Ukraine and other countries, and successful businessmen.

The winners will be offered maximally beneficial conditions for partnership, in particular, the creation of the joint-stock companies under the partnership conditions, the press service said.

As reported, on Thursday a total of 110 members of the Kyiv city council voted for the early termination of office of Kyiv Mayor Leonid Chernovetsky on the basis of his resignation letter.

According to the council’s decision, the city council’s secretary, Halyna Hereha, will temporarily act as the mayor of the capital city.

Chernovetsky tendered his resignation on June 1.

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