On June 23 at a regular meeting, the Government adopted several decisions necessary to provide state support for investment projects with significant investments, which will help improve the investment climate in Ukraine.
“The Ministry of Economy has developed a number of bylaws for the practical implementation of the Law on Support of Large Investment Projects. This Law initiates an innovative approach to investment support, which not only allows to attract additional funds to the economy of Ukraine but also contributes to the creation of new jobs and regional development, “- said Deputy Minister of Economy of Ukraine Iryna Novikova.
Thus, the Cabinet of Ministers of Ukraine approved mandatory criteria for the applicant’s financial viability, in particular, capital adequacy, net operating cash flow, and availability of funding sources to cover significant investments.
This allows potential investors to properly assess in advance their financial capacity to implement investment projects with significant investments and prepare the relevant documents for submission to the Ministry of Economy as part of the application.
The Procedure for the interaction of the authorized institution (UkraineInvest) with investors, authorities, and local self-government on issues related to the support of preparation and implementation of such projects has also been approved.
The procedure regulates, in particular, the interaction of UkraineInvest with the Ministry of Foreign Affairs, regional state administrations, local governments, applicants, and investors.
Approval of the Procedure allows UkraineInvest to effectively provide relevant information and advisory assistance to potential investors in the preparation of projects with significant investments.
In addition, the Cabinet of Ministers of Ukraine supplemented the Regulations of the Ministry of Economy with new tasks defined by the Law of Ukraine “On State Support of Investment Projects with Significant Investments in Ukraine”.
The new tasks of the Ministry of Economy include the following:
- evaluation of an investment project with significant investments, preparation of conclusions on the feasibility/inexpediency of such a project, and the conclusion of a special investment agreement;
- maintaining a register of projects with significant investments;
- control and monitoring of the implementation of special investment agreements.