First Deputy Prime Minister of Ukraine, Minister of Economy Yulia Svyrydenko and Minister of International Trade, Export Promotion, Small Business and Economic Development of Canada Mary Ng during an online meeting on January 27 announced the launch of negotiations to modernize the Canada-Ukraine Free Trade Agreement (CUFTA).
“Canada and Ukraine will seek to negotiate new obligations in areas, including services, investment, digital trade, labour, and the environment, while advancing an inclusive approach to trade that aims to facilitate new opportunities for small and medium-sized enterprises,” the Ministry of Economy said in a statement.
Vinnytsia city territorial community was the first in Ukraine to proclaim the Green Deal as the basis of urban development and joined the practices of the European Green Deal, which aims to turn Europe into the first climate-neutral continent by 2050.
According to the Vinnytsia city council’s press service, the relevant declaration was signed by Mayor of Vinnytsia Serhiy Morhunov during a city council’s session, attended by high-ranking officials of the government of Ukraine, the Ukrainian parliament and Ambassador of the European Union to Ukraine Matti Maasikas.
Such a step will allow the regional center to engage new mechanisms and innovative ideas to improve urban space, address environmental issues, raise additional investment, including for energy and industrial renewal of enterprises and city life support systems.
Morhunov said the accession of all Ukraine to the Green Deal is at the stage of forming the roadmap. However, Ukrainian cities are already moving in the right direction.
The Green Deal of Vinnytsia is a logical continuation of the long-term plans of the society, fixed both in the Vinnytsia Concept of Integrated Urban Development until 2030, and Strategy 3.0, a plan for the development of communities throughout the region. The priority is the “green” economy, smart specialization, affordable, safe and environmentally friendly environment,” the city mayor said.
He said that Vinnytsia is implementing advanced European experience not for the first time. Thus, in 2015, the city was the first in Eastern Europe to receive the European Energy distinguishing feature and in 2019 confirmed the high status of an energy-efficient regional center. Programs for the efficient consumption of energy resources, the launch of environmentally friendly urban transport, trams and electric buses, are being developed here now.
“We are striving to involve international experts and financial resources for the implementation of green projects that we have in our plans,” Morhunov said.
In turn, Maasikas said that on such a highly urbanized continent as Europe, cities, towns and citizens play a key role in responding to climate change.
Maasikas said he is pleased that the Ukrainian city and people are actively working on the green transformation of society. According to the diplomat, since the announcement in 2019 of the European Green Deal, it has set the direction for transformational change and this is the new growth strategy of the EU. It reflects the idea of transitioning the entire economy to a green economy. He also said that Ukraine shares these hopes.
Ukrainian banks’ cash exchange rates on 28/01/22
Source: Interfax-Ukraine
The Nordic Environment Finance Corporation (NEFCO) has become a new shareholder of Bank Lviv, which operates mainly in the western region of Ukraine, with a 13.94% stake in the charter capital.
“With this investment, Bank Lviv continues to be a 100% foreign-owned bank. The largest shareholders are the Swiss responsAbility (48.56%) and Margeir Petursson (Iceland, 37.47%).
“We are happy to welcome NEFCO to Bank Lviv as a shareholder. Besides the investment, NEFCO will help strengthen Bank Lviv’s focus on sustainable environmental and social finance. Our international shareholders believe in Ukraine and seek a positive impact through direct investments in the bank’s capital. I am certain that NEFCO’s experience and expertise in green financing will support Bank Lviv’s development as a modern and sustainable bank,” Ashot Abrahamyan, the chairperson of the Bank Lviv management board, said.
“Bank Lviv’s strategy, our previous cooperation and the engagement and ownership of other professional impact investors encouraged us to invest in the bank. NEFCO and Bank Lviv share the same goal of accelerating the green transition and we believe that our participation will help the bank achieve its goals of sustainable and responsible banking. Bank Lviv is close to its customers, provides good service and aims to promote sustainable businesses practices and make a positive impact on the economy. The bank’s sustainable growth potential motivates us, and we are looking forward to continuing our cooperation with the Bank Lviv team,” Thor Thorsteinsson, the Vice President for Nordic SMEs at NEFCO, said.
“Bank Lviv is one of the fastest growing banks in Western Ukraine, and the leading micro and SME lender in the region. During last three years, the bank’s loans increased by 45% and deposits by 30% annually. One of the top 30 banks in Ukraine, Bank Lviv operates through 19 branches in Western Ukraine and Kyiv,” the report says.
“NEFCO, the Nordic Green Bank, is an international financial institution that finances the initial scale-up of Nordic green solutions on global markets. Founded in 1990 by the five Nordic countries, NEFCO has already financed and implemented over 1,500 projects in energy efficiency, renewable energy, clean water and sanitation, waste management, and cleaner industrial processes, among others. We serve the interests of our owners, Denmark, Finland, Iceland, Norway and Sweden, and work with concrete actions to accelerate the green transition,” according to the document.
The Ministry of Health expects a third fewer deaths from COVID-19 at the peak of the Omicron wave compared to the peak of Delta, Health Minister Viktor Liashko said during an hour of questions to the government in the Verkhovna Rada.
He also predicts that at peak times, the number of COVID-19 cases per day can reach 40,000-60,000 people.
According to the minister, Ukraine will reach the peak load on COVID-19 in the coming weeks, while he stressed that the country’s medical system is able to withstand the load associated with an increase in the incidence.
“The medical system of Ukraine has withstood the load of 34,000 cases per day,” he stressed.
As reported, at the peak of the Delta wave in the first half of November, the average number of deaths per week reached 680
The European Bank for Reconstruction and Development (EBRD) invested EUR1 billion in the Ukrainian economy in 2021, bringing its three-year investment in the country to EUR3 billion.
“True to its ambition to become a majority green bank by 2025, some 45% of bank financing in Ukraine was in support of greater sustainability and energy and resource efficiency. Examples included a EUR140 million EBRD loan to modernize district heating and hot water supply in the capital, Kyiv, and a EUR50 million loan for Kyiv to renew the rolling stock of its metro network and support the shift from private cars to modern, efficient and environmentally friendly public transport,” the bank said.
“The bank also attracted a EUR5.5 million grant from the E5P to complement an earlier EUR25 million loan to refurbish, for greater energy efficiency, about 100 public buildings in Dnipro. Dnipro and Ukraine’s second-largest city of Kharkiv decided to accelerate their investment in green solutions by joining EBRD Green Cities, a flagship urban sustainability program, following in the footsteps of Lviv, Kyiv, Mariupol, Khmelnytsky and Kryvy Rih. Ukraine has more cities taking part in the program than any other economy in which the EBRD invests,” the report says.
“In the private sector, the bank teamed up with Kernel Group to help strengthen the company’s climate corporate governance. It is also supported the development of low-emission sustainable property by backing the real-estate portfolio of Dragon Capital, an investment firm,” according to the document.
“The bank joined forces with the European Union in extending grants to innovative Ukrainian firms seeking to improve climate resilience. The beneficiaries included a producer of recycled plastic The Good Plastic Company, architecture studio Ekodar, yeast producer Enzym, engineering firm Dominion, water and rainwater management company Viva Victoria and The Laboratory of Advanced Jet Propulsion, an institution focused on rocket and spacecraft technologies,” it says.
“The EBRD’s efforts to advance the sustainability of Ukraine’s economy were encouraged by the country’s newly reviewed Nationally Determined Contribution. The EBRD helped to develop the policy document and stands ready to help set out a low-carbon and climate-resilient pathway for the power generation sector in Ukraine,” the bank noted.
“In addition, the EBRD invested $ 75 million in a $825 million eurobond placed by Ukrenergo, the state-owned electricity transmission system operator, in a bid to resolve the payments crisis gripping the country’s renewable energy sector. The first ever sustainability-linked bond issued by a Ukrainian company, it helped restore the credibility of the Ukrainian renewable energy sector, paving the way for much-needed investment to support the country’s green transition. In the infrastructure sector, the EBRD approved a new EUR190 million loan tranche for further improvements to the country’s roads. This follows efforts by Ukravtodor and the Ukrainian authorities to implement a comprehensive anti-corruption program,” it says.
“This is part of the EBRD’s broader work to promote corporate governance reform in state-owned enterprises and to strengthen their supervisory boards. In a further move to promote greater private-sector participation in the development of infrastructure, the bank joined forces with the International Finance Corporation (IFC) on a new advisory engagement with the Ministry of Infrastructure to help structure private-public partnerships in the road sector and to prepare the concession of selected terminals at Chornomorsk port,” it reads.
“Standing by its long-time partner, the city of Lviv, the bank provided emergency funds to ensure that the vital infrastructure is safe and functioning during the ongoing pandemic. As social distancing measures remained in place, the EBRD supported companies that facilitated remote entrepreneurship and helped people to stay in touch, such as state-owned postal service Ukrposhta and its privately owned peer, Nova Poshta, as well as Datagroup, a provider of fibre infrastructure and digital services,” the report states.
“Recognizing the importance of better access to credit and trade finance, the EBRD channeled EUR357 million to seven local lenders: Ukrgasbank, Raiffeisen Bank Ukraine, Ukreximbank, OTP Bank, ProCredit Bank, Credit Agricole and Bank Lviv. Backed by EU investment incentives, the bank increased lending for small and medium-sized enterprises via partner banks under the EU4Business-EBRD credit line,” it reads.
“It also delivered record volumes of trade finance as part of the Trade Facilitation Program. Furthermore, the bank financed successful Ukrainian companies such as car importer Winner, Kokhavynska Paper Factory and gas trader ERU Trading. It also teamed up with USAID and the American Chamber of Commerce to develop an action plan for the consolidation of infrastructure for the capital and commodities markets,” according to the bank.
