The National Bank of Ukraine has transferred powers relating to the operation, management and control of the German-Ukrainian Fund (hereinafter the GUF) to the International Financial Cooperation Project Administration Office (hereinafter the IFCPA Office) specially established by the Ministry of Finance of Ukraine. On 24 December 2015, the respective documents were signed by the representatives from the NBU, GUF and the IFCPA Office.
“The NBU has decided to transfer powers relating to the management of this project to the Ministry of Finance of Ukraine. We are convinced that the GUF’s operation under the control of the Ministry of Finance will be successful and efficient, whereas the IFCPA Office will evolve and contribute to the country’s financial and economic development. The Ministry of Finance has the necessary expertise and resources to achieve this goal,” said NBU Deputy Governor Vladyslav Rashkovan.
Mr Rashkovan underlined that the GUF has been transferred under the jurisdiction of the Ministry of Finance as part of the NBU transformation project and the efforts to remove the functions that are beyond the NBU’s mandate. The NBU Deputy Governor also added that in accordance with NBU Board Resolution No. 879, dated 10 December 2015, the Team for International Credit Line Management, a unit responsible for running the GUF, will be dissolved, effective 1 January 2016.
The GUF is a non-banking financial institution established in 1999 in accordance with Decree No. 574/98 of the President of Ukraine, dated 1 June 1998, On the German-Ukrainian Fund and Resolution of the Cabinet of Ministers of Ukraine No. 628, dated 19 April 1999, to implement various lending programs and projects to provide financial support to SMEs through Ukrainian banks. The GUF’s founding partners are the National Bank of Ukraine (31.3%), the Ministry of Finance of Ukraine (31.3%) and Kreditanstalt für Wiederaufbau (KfW) (37.4%).