Ukraine’s international reserves increased to $18.5 billion by the end of February from $18.443 billion at the beginning of the month, Oleh Churiy, the deputy head of the National Bank of Ukraine (NBU), has said.
“Today the reserves are approximately $18.5 billion, taking into account those interventions to buy foreign currency, which the NBU conducts almost daily,” he said during a monetary briefing in Kyiv.
Acting Head of the National Bank Yakiv Smolii, in turn, noted the victory of Naftogaz Ukrainy in Stockholm arbitration is although a positive factor for the dynamics of the country’s forex reserves, but the main source of their replenishment is cooperation with the International Monetary Fund (IMF) and other financial organizations.
“We cannot now say how Naftogaz will use the funds it has not yet received but only won in court. Therefore the continuation of cooperation with the IMF and obtaining next tranches is a prerequisite for replenishing foreign exchange reserves,” he said.
KAN Development LLC (Kyiv) plans to invest some $400 million in construction of the Respublika residential complex near the eponymous shopping and leisure center at 1, Kiltseva road in Kyiv. “Let’s calculate: if you take 800,000 square meters, then the amount of investment will be about $400 million. Of course, we will invest a part of this amount at the expense of attracted investors’ funds,” Honorary President of KAN Development Ihor Nikonov said during the presentation of the Respublika residential area on Wednesday.
According to him, first of all the project will include four houses, a public center and a kindergarten. It is planned to commission it in one and a half years. All the first floors will be given to the service sector.
In general, the Respublika multifunctional complex, including a residential part and an unfinished shopping and entertainment center, will be located on 100 hectares. According to Nikonov, the first part of the Respublika residential area project envisages the construction of 250,000 square meters of housing on 22 hectares during five or six years, then the rest of the land will be designed for new housing.
“The specific element of this project is that it will create the Academy of Sports from the very beginning. The academy will work from the first day of the opening of the first house. This is two basketball fields, two football fields, a children’s field and courts for Paddle-Tennis. The entire inventory and bicycles will be free of charge. There will also be a playground for walking of dogs with coaches,” Nikonov said.
Ireland’s Altostrata seeks to invest EUR 225 million in construction of a solar power plant in Dnipropetrovsk region.
“To attract investments and provide comfortable conditions for business is the task set by President Petro Poroshenko. Alternative energy projects have “green light.” Irish investors decided to invest in the construction of a solar power plant,” Head of the Dnipropetrovsk Regional State Administration Valentyn Reznichenko said during the signing of a memorandum between the Regional Administration and Altostrata on Thursday.
The construction of a 250 MW power plant is planned for an area of 500 hectares near the village of Levadky in Pavlohrad district. The plant could be launched in two years. It is planned that the plant will transmit electricity to more than 40,000 homes and enterprises, which is comparable to electricity consumption by Pavlohrad.
“We have a great interest in cooperation with Ukraine. We are starting a partnership in Dnipropetrovsk region. We have found support in the Investment and Innovation Center at the Dnipropetrovsk Regional Administration. An effective system has been created that stimulates investment,” Altostrata Director Torsten Merkel said, adding that the investor promises to create almost 450 new jobs.
Deputy Head of the Dnipropetrovsk Regional Administration Oleh Kuzhman said that recently several investment projects in the sphere of alternative energy have been implemented in the region. In particular, solar power plants are already operating in Pidhorodne and Nikopol. The Irish company Altostrata is engaged in Clean Technology.
The European Commission (EC) has approved a new program of macro-financial assistance to Ukraine, Ukrainian Finance Minister Oleksandr Danyliuk has said.
“I welcome the decision by the European Commission to approve a new program of macro-financial assistance to Ukraine. This is an important step for supporting reform in the country and ensuring financial stability,” he wrote on his Facebook page on Wednesday, February 28.
A source familiar with Ukraine’s negotiations with the EU told the Interfax-Ukraine news agency that the volume of the new program was EUR 1 billion.
As reported, Ukrainian President Petro Poroshenko said in November 2017 that agreement had been reached on a new program of macro-financial assistance from the EU to Ukraine for 2018-2019.
Earlier, the Finance Ministry estimated the volume of the new program at EUR 1.8 billion. This corresponds to the volume of macro-financial assistance of the EU approved in 2015, which expired in January 2018.
As part of the old program, Ukraine received two tranches for a total of EUR 1.2 billion out of the planned EUR 1.8 billion. The EC refused to grant a third tranche, as the country’s authorities fulfilled only 17 of 21 preliminary conditions.
The Parliament of Ukraine has passed presidential bill No. 7440 on the High Anti-Corruption Court in first reading. The corresponding decision was supported by 282 lawmakers at the plenary session on Thursday.
Source: National Bank of Ukraine
