On February 18, the Prime Minister of Ukraine Denys Shmyhal discussed with government officials and international partners a draft Memorandum on the creation of a financial capital market in Ukraine.
The online meeting gathered together Minister of Justice of Ukraine Denys Maliuska, acting Head of National Commission on Securities and Stock Market Timur Khromayev; Olena Kosharna, Chief Executive Officer at Horizon Capital; Irina Kravchenko, Senior Banker at the European Bank for Reconstruction and Development; Farhad Ghaussy, USAID Economic Growth Team Leader; representatives of the National Bank of Ukraine and the Cabinet of Ministers.
The Prime Minister reminded that during the previous meeting the participants had seen the presentation of a roadmap for the development of the capital market in Ukraine as well as reached an agreement on the drafting of a Memorandum.
"The memorandum must satisfy all signatories. For me, the result and the correct process of attracting partners are essential. The document should confirm the intentions of the parties, allow us to trigger work on the roadmap and make progress in this direction," highlighted Denys Shmyhal.
During the meeting, Timur Khromayev, acting Chairman of the National Commission on Securities and Stock Market, noted that the text of the Memorandum had been agreed, and one issue remained under discussion. According to him, all constructive proposals of the parties were taken into account, and the Memorandum is almost prepared for signing.
For his part, USAID Economic Growth Team Leader Farhad Ghaussy noted that the parties had made great progress in developing a capital market concept and USAID is ready to work in synergy to make it a reality. He added that the process of finalizing the document would allow taking into account the opinions of the IMF and other international partners.
In addition, Farhad Ghaussy stressed that USAID, as a sign of its commitment to the idea, would order to start the procurement process and the process of feasibility study of the project to move forward.
According to Irina Kravchenko, a Senior Banker at the EBRD, the document reflects the desire of all market participants to create an efficient market that would help leverage investment to Ukraine.
Olena Kosharna, a member of the American Chamber of Commerce, stressed that the ACC supports the Memorandum, as it is a unique opportunity to create a capital market in Ukraine. She added that for the first time she could see the project when all parties unite around the result.
To wind up, the Prime Minister thanked the participants for their contribution and stressed the need to agree on the text of the Memorandum as soon as possible in order to ensure vigorous activities on creating a financial capital market in Ukraine.
"I am convinced that with your help we will be able to quickly build a quality stock market in Ukraine. That will bring our country into line with developed world countries," said Denys Shmyhal.