On May 26, First Deputy Prime Minister/ Minister of Economic Development and Trade of Ukraine Stepan Kubiv in Vienna, Austria signed an Agreement for the encouragement and protection of investment between Ukraine and OPEC Fund for International Development.
The document envisages the provision of an MFN regime regarding disposal of investment and will predictably facilitate an increase in foreign investment into key sectors of Ukraine's economy.
"We view the OPEC Fund as an important partner and strong financial institution. The Agreement shall strengthen the mutually beneficial cooperation between Ukraine and the Fund aimed to achieve sustainable socio-economic growth and to enlarge opportunities for human resources development to improve the quality of life of Ukrainian citizens", said Stepan Kubiv.
Moreover, he added that the OPEC Fund for International Development is financing the public sector without any additional requirements, while for allocating funding for the private sector the Fund requires signature of a framework agreement with the Government of the country concerned for the encouragement and protection of investment.
"The Agreement will promote efficient leveraging of investment channeled by the Fund in Ukraine's economy as well as support for small and medium enterprises in various sectors including energy, infrastructure, agriculture and others. For us it is an additional financial resource to contribute to the development of the Ukrainian State", said Stepan Kubiv.