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Kiev, Ukraine, May 25, 2012
—IFC, a member of the World Bank Group, in partnership with Switzerland’s State Secretariat for Economic Affairs, SECO, has launched a new advisory project to help streamline agribusiness regulations in Ukraine, supporting economic growth and job creation.
The Investment Climate for Agribusiness Project in Ukraine builds on IFC’s previous regulatory reform achievements across various sectors of the economy. Through engagement from all market players in Ukraine’s agribusiness industry, IFC will develop recommendations for reforms to regulations of post-harvest handling and storage investments, food safety, registration of agricultural inputs and better resource efficiency.
“A sound and transparent investment climate can help attract more investment to Ukraine’s agribusiness sector, which will lead to more jobs and higher living standards in rural areas,” said Guido Beltrani, Country Director of the Swiss Cooperation Office in Ukraine. “The Swiss Confederation will support IFC, which has tremendous experience in investment climate work in the region, to help Ukraine increase its competitiveness at a global scale. SECO’s financial support to the project amounts to around $3 million during the next three years.”
Elena Voloshina, IFC’s head of operations in Ukraine, said, “Agribusiness is at the core of our strategy for Ukraine, and the new advisory project fits well with our broader sector work. Regulatory reform is critical to leveraging the full potential of Ukraine’s agribusiness sector and increasing its competitiveness by reducing the regulatory burden and simplifying conditions for business development.”
Agriculture and food production industries account for approximately 15 percent of Ukraine’s gross domestic product and provide significant employment, particularly in rural areas. Due to its favorable geographic location and fertile soil, Ukraine is among the leading global food exporters. Effective legislation can allow Ukraine to increase its food production substantially.
IFC supports the entire value chain in agribusiness, from farm production to collection, processing, and distribution. It has invested over $500 million in various projects so far in Ukraine’s agricultural sector. IFC also offers an extensive advisory program, including projects to develop the agricultural insurance market in Ukraine, improve food safety standards and resource efficiency, and implement cleaner production technologies and processes.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
.
About the Swiss Cooperation in Ukraine
In 1997 the Swiss Confederation and Ukraine signed a bilateral agreement for technical cooperation, in the framework of which the Swiss Cooperation Office was opened in Kyiv to coordinate the cooperation programs in Ukraine. The Swiss support to Ukraine focuses on Financial and Economic Sustainability, Sustainable Energy Management, Local Governance and Public Services as well as Reproductive Health. The yearly budget of the Swiss Cooperation Program in Ukraine amounts up to 14 million Swiss francs. For more information please visit
http://www.swiss-cooperation.admin.ch/ukraine/
and http://
www.seco-cooperation.admin.ch
.
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