KYIV. Nov 6 (Interfax-Ukraine) – Ukraine plans to enter the top 50 in the Doing Business rankings of the World Bank next year, Economic Development and Trade Minister of Ukraine Aivaras Abromavicius has said.
“Now Ukraine is 83rd, while two years ago we were 112th. We plan that next year we will enter the top 50 of the Doing Business rating,” he said while speaking at IV CEE Investment Conference organized by CFA Institute in Kyiv on Friday.
He said that deregulation will remain the top priority for his ministry over the next few years, adding that 40% of permits have been liquidated and special attention has been given agriculture and transport.
Abromavicius also announced the creation of the new deregulation office with 70 employees which will focus on relaxing tax administration, connections to power lines, and other issues.
KYIV. Nov 5 (Interfax-Ukraine) – The board of directors of the World Bank has approved a decision to provide a loan of $560 million to the International Bank for Reconstruction and Development (IBRD) to finance a project on developing roads in Ukraine, the press service of the Infrastructure Ministry of Ukraine reported on Wednesday.
“The new loan will secure support for the realization of some measures regarding the improvement of road network management, transport communications, and exploitation of roads and road safety on the Poltava-Kharkiv section of the highway,” the ministry said.
KYIV. Nov 5 (Interfax-Ukraine) – Azovmash, the leader in the Ukrainian heavy engineering market, has signed a dealership agreement with the Turkish company Vitas Velioglu Insaat ve Ticaret on the purchase and sale of railcar and heavy machinery goods manufactured by PJSC Azovzahalmash in Middle Eastern and African markets
According to a company press release, the agreement was signed during the visit of a delegation headed by the chairman of the Turkish company to the enterprise.
According to the press release, during the visit the first contract on the supply of wagons produced by Azovzahalmash in 2016-2017 was signed. The volume of the contract and its other parameters has not been disclosed.
“The signing of this contract is the first step towards the restoration of the enterprise. We’ll have to certify wagons, update technical documentation, and work to promote the products in non-traditional markets. Entering the markets of the Middle East and Africa is a real possibility and alternative to the market of the Customs Union, we’ve done major preparatory work for this,” the press service said, citing President of Azovmashinvest Holding Taras Polischuk.
Azovmash (Azovmashinvest Holding) is one of the largest machine building complexes in Ukraine.
KYIV. Nov 5 (Interfax-Ukraine) – Germany will provide EUR 136 million in loans and grants to Ukraine in 2016 to realize over 20 projects.
Economic Development and Trade Minister of Ukraine Aivaras Abromavicius and Head of the Directorate of the Federal Ministry for Economic Cooperation and Development of Germany Andreas Gies signed the corresponding documents in Kyiv on Wednesday.
“The directions of their use is from rather large projects on construction of housing for internally displaced persons (IDPs) to very concrete and specific programs aimed at repairing schools, for example,” Deputy Economic Development and Trade Minister of Ukraine Maksym Nefyodov told reporters after the signing ceremony.
He said that EUR 88 million will be provided as a loan, and EUR 48 million will be provided as technical assistance.
The funds will mostly be allocated through KfW development bank.
Nefyodov said that the credit rate will depend on each project, but will be seven or eight times lower than commercial rates.
He said that the funds will be allocated to both current projects and new ones, including projects to develop democracy, support economic growth and the energy independence of the country, and develop the social sector. Some of the funds will be allocated to operational needs, particularly, for aid if acts of God occur.
KYIV. Nov 5 (Interfax-Ukraine) – The Verkhovna Rada, Ukraine’s parliament, has ratified an agreement on marine commercial shipping signed by the Ukrainian and Cypriot governments.
Some 247 lawmakers supported the law on the ratification of the agreement (No. 0063).
The agreement aims at developing relations between Ukraine and Cyprus in marine commercial shipping area.
According to the agreement, the vessels of the contracting parties in ports and territorial waters will be treated in the same way as their own vessels in terms of the collection of port fees and taxes, access to ports, the use of services of ports, the loading and unloading of cargo, and embarking or disembarking.
The agreement was signed on November 8, 2012 in Nicosia (Cyprus).
KYIV. Nov 4 (Interfax-Ukraine) – Lviv Locomotive Repair Plant, one of the leading enterprises of Ukrzaliznytsia, in January-September 2015 posted a net profit of UAH 1.8 million against UAH 80,000 for the same period in 2014.
According to a company financial report in the information disclosure system of the National Commission on Securities and the Stock Market, the plant’s net income for the period totaled UAH 174 million, which is 4% up.
The plant in January-September saw a gross profit of UAH 34.5 million, which is 13.5% more than in the same period last year. Operating profit was UAH 5.8 million, which is 53% more as well.
Taking into account the previously announced performance of the plant in January-June, in July-September it posted a net profit of UAH 10.2 million against a net loss of UAH 1.7 million for the third quarter 2014, and the plant doubled its net income to UAH 107 3 million.
Lviv Locomotive Repair Plant repairs electric locomotives, auxiliary electric cars, wheel sets and manufactures spares for rail transport repairs.
