The Verkhovna Rada of Ukraine has approved, in its entirety, a bill to improve the operation of industrial parks (IPs). According to a correspondent for the “Interfax-Ukraine” news agency, 270 deputies voted in favor of the bill, exceeding the required minimum of 226 votes.
“Based on the results of ongoing monitoring of the development of industrial parks, we identified issues, the solutions to which have now been approved by the Rada. Essentially, these are technical issues that arose during the practical implementation of the legislation adopted in 2022. But resolving each of them will contribute to the faster development of this sector and the emergence of new manufacturing facilities,” wrote the bill’s sponsor, Dmytro Kysilevskyi, deputy chairman of the parliamentary committee on economic development.
He noted that the bill, in particular, more clearly delineates the functions of all entities within an industrial park, and grants the initiator of a park’s creation the ability to also act as the managing company without establishing a separate legal entity.
In addition, the concept of an “eco-industrial park” has been introduced, the Cabinet of Ministers has been granted the authority to establish criteria for them, and a new category of land use designation has been introduced: land for industrial parks.
The procedure for increasing and decreasing the area of an industrial park has also been regulated, as have issues regarding the transfer of ownership rights to a land plot within an industrial park from the park’s initiator to another party; opportunities for establishing industrial parks have been expanded: land plots may now be considered adjacent if there are forest buffer strips between them.
Among the issues addressed are improvements to the competitive selection process for management companies and the introduction of the possibility for management companies whose primary activity is the leasing of real estate to obtain loans under the “5-7-9” program.
Temporary restrictions on the acquisition of power capacity for small electricity distribution systems in industrial parks have also been lifted, and provisions regarding state incentives for industrial parks have been improved, in particular through the transfer of international technical assistance from local government bodies to industrial parks.
As of the end of 2025, 37 factories had been built or were under construction in Ukraine’s industrial parks. Throughout 2026, manufacturing enterprises in the parks continued to open.
As previously reported, Bill No. 12117 was adopted in principle on February 11, 2025, with amendments to its provisions, by a vote of 244 members of parliament.
According to the “Serbian Economist,” as of September 1, 2026, Serbia’s long-term government bonds denominated in dinars have become available to international investors through the Euroclear Bank system, which is expected to simplify global funds’ access to the Serbian debt securities market and increase its liquidity.
The Serbian Ministry of Finance announced this on August 31. At the same time, the National Bank of Serbia announced that Euroclear Bank has become a participant in its RTGS payment system and in the securities settlement system of the Central Registry, Depository, and Clearing House of Serbia.
In the first phase, transactions involving five long-term issues of Serbian government bonds denominated in dinars, which are already in circulation, can be conducted through Euroclear. In the future, the system will also be available for certain new issues of government securities.
International investors can now hold and settle Serbian dinar-denominated bonds through their existing Euroclear accounts, without having to set up a separate infrastructure directly in the Serbian market.
For large investment funds, this significantly reduces operational barriers. Banks, pension and investment funds, insurance companies, and asset management firms that already operate through Euroclear will find it easier to include Serbian dinar-denominated securities in their portfolios.
Serbian Finance Minister Sinisa Mali called the connection to Euroclear an important step toward transitioning from a domestic to an internationally integrated government securities market.
The project to integrate the Serbian market with the international settlement infrastructure has been underway since 2019, with the participation of the Ministry of Finance, the National Bank of Serbia, the Central Securities Register, and international partners.
The country’s credit rating has served as an additional factor in attracting international capital. Back in October 2024, S&P Global Ratings upgraded Serbia’s sovereign rating to investment grade BBB- with a stable outlook for the first time. In July 2026, Fitch maintained Serbia’s rating at BB+ with a positive outlook.
The issuance of dinar-denominated infrastructure bonds through Euroclear also has longer-term significance for Serbia. Expanding the pool of foreign buyers could increase trading volume in the secondary market and help establish a more liquid yield curve in dinars.
Euroclear Bank is one of the largest international clearing and depository institutions, enabling institutional investors to hold and settle securities from various countries through a single infrastructure.
According to “Serbian Economist”, in the first half of 2026, Serbia became the largest source of foreign capital directed toward real estate purchases in Montenegro, according to data from the Central Bank of Montenegro (CBCG).
From January through June, foreign investors invested 237.77 million euros in Montenegrin real estate, which is 3.89% more than during the same period last year. Overall, gross foreign direct investment inflows into the country totaled 457.37 million euros, meaning real estate accounted for about 52% of all FDI inflows.
Serbia took the lead with 55.75 million euros, or 23.45% of all foreign investment in Montenegrin real estate.
Germany took second place with 22.9 million euros, and the United States came in third with 20.84 million euros. Switzerland contributed 18.5 million euros toward real estate purchases, and Turkey contributed 16.34 million euros.
Against this backdrop, the continuing decline in the role of Russian capital is particularly noticeable. In the first half of the year, only 5.37 million euros came from Russia for the purchase of Montenegrin real estate, placing it in tenth place. Poland and Belgium, among others, now rank higher than Russia in the list.
This trend began to take shape as early as last year. In the first quarter of 2025, Russia fell out of the top five largest markets for real estate buyers in Montenegro for the first time and ranked sixth. For 2025 as a whole, the volume of Russian investment across all sectors of Montenegro’s economy fell to 33.98 million euros, of which approximately 17.8 million euros went to real estate. By comparison, in the years 2020–2024, Russian capital was traditionally among the country’s largest sources of foreign investment.
However, it is not entirely accurate to refer directly to “Serbian citizens” or “Russians who purchased real estate” based on these figures. The CBCG methodology considers the country from which the payment originated, which may not correspond to the citizenship of the ultimate buyer or beneficiary. For example, a Russian citizen may pay for a property from an account in Serbia, the UAE, or another country. Therefore, the data primarily reflects a shift in the geography of financial flows in the real estate market.
First Ukrainian International Bank (FUIB) has signed its first loan agreement with the National Development Institution (NUR) for EUR 2.9 million to finance Ukrainian entrepreneurs and companies, the bank announced on Monday.
The agreement was signed on August 28 by PUMB Deputy Chairman of the Board Artur Zagorodnikov and NUR Chairman of the Board Andriy Hapon.
“The signing of the first loan agreement with the NDR is an important practical outcome of the partnership we launched under state-sponsored preferential programs back in February 2020 and successfully continued several months ago by attracting funds from foreign investors,” Zagorodnikov said.
Under the terms of the agreement, NUR will provide PUMB with financial resources, which the bank will direct toward lending to individual entrepreneurs and micro, small, and medium-sized private enterprises operating and investing in Ukraine.
The funds may be used for investment projects, the modernization and development of production, the purchase of equipment, and the replenishment of working capital.
According to the National Bank, as of July 1, 2026, PUMB, with total assets of 248.63 billion UAH, ranked fifth among Ukraine’s 59 banks. The bank’s loan portfolio grew by 17.6% in the first half of the year, reaching 115.4 billion UAH.
BUSINESS, FUIB, INVESTMENT, LOAN, НУР
Bringing pharmaceutical production into compliance with European requirements demands significant investments from Ukrainian pharmaceutical manufacturers, which could lead to higher production costs, according to Anatoliy Reder, CEO of the pharmaceutical company “Interchem.”
“We are operating within the paradigm that our country is currently moving toward—alignment with European requirements. We must understand that compliance with European standards, EU directives, and the principles and approaches currently in effect in Europe will require significant additional investments from us—in production, regulatory processes, research, and so on. In other words, this involves enormous additional costs in order to meet, within a relatively short period of time, the requirements that are currently the norm in the European Union. With a gradual transition to these requirements, it must be acknowledged that production costs will rise significantly,” he said in an interview with the “Interfax-Ukraine” news agency.
As Reder noted, compliance with European standards—particularly those incorporated into Ukraine’s law on medicinal products—will automatically require additional investments, which will inevitably lead to price increases.
“We need to speak openly about this. You can’t make pills out of thin air. If additional controls are needed, additional costs will be incurred. Today, we monitor every batch of manufactured products throughout their entire shelf life—something that wasn’t required before—and this involves hundreds and thousands of manufactured batches and, consequently, enormous costs. The additional control points in production required of us by European Union legislation—this means additional equipment, additional laboratory staff, and additional production processes—represent objectively large-scale investments. These costs will inevitably lead to price increases,” he stated.
According to Fixygen, buybacks—a strategy long used by public companies to support their stock prices—are becoming one of the main tools of the cryptocurrency market.
In 2026, crypto projects have already allocated approximately $640 million to buy back their own tokens—a historic high, according to the Financial Times.
By comparison, this figure stood at about $545 million for all of 2025, and in 2024, it was just $366,000.
Nearly 90% of current buybacks are accounted for by Hyperliquid and pump.fun.
Hyperliquid allocates virtually all of the platform’s revenue toward purchasing HYPE. Against the backdrop of this policy, the token’s value has risen by approximately 70%.
The economic logic is similar to a stock buyback: a company or protocol uses its cash flow to reduce the number of tokens in free circulation and increase the economic value of the remaining ones.
However, there is a fundamental difference between a token and a stock. A stock represents an ownership stake in a company, whereas a token holder’s rights may be significantly weaker or may not confer any legal right to profits at all.
Therefore, a buyback alone does not guarantee growth. Some projects continued to lose value even after launching buyback programs.
Nevertheless, the emergence of a $640 million buyback market indicates that the cryptocurrency industry is gradually adopting tools from traditional corporate finance.
