KYIV. July 24 (Interfax-Ukraine) – The Cabinet of Ministers has established the interdepartmental commission for public investment projects which will select investment projects and determine the volume of their financing.
According to the website of the Ministry of Economic Development and Trade, the Cabinet by its decision of July 22 approved some issues of public investment management, including a new procedure of selecting investment projects by the interdepartmental commission.
“For a long time there has not been a system for selecting investment projects. Now decisions on the selection of projects will be made through an open procedure by the collegial body – the interdepartmental commission on public investment projects,” First Deputy Trade Minister Yulia Kovaliv said.
For the first time, new principles of public investment management will be used in the formation of the draft national budget for 2016. The selection of projects is scheduled to begin in July 2015, and the first meeting of the commission will be held in September.
The procedure of project selection provides for conducting state examination, a clear economic justification, and determining the expected economic effect.