State Development Bank will be established in Ukraine, reads the latest version of the Draft Law "On State Development Bank" elaborated by the Ministry of Economic Development and Trade of Ukraine, UKRINFORM reports with reference to Kommersant-Ukraine.

The document sets out the principles of creating a new state bank to promote the attraction of long-term domestic and foreign investment in priority sectors of the economy. The main task of the Development Bank will be lending to other banks, which will channel funds for the implementation of priority national programs and innovative projects that can ensure economic growth.

The bank will be prohibited from accepting deposits of citizens and lending to them, investing in the authorized capital of legal entities. Therefore, the bank will not be party to the Deposit Insurance Fund and shall not be obliged to fulfill standards required for other banks.

The Development Bank with capital of at least UAH 120 million (USD 1 - UAH 7.97) will be established by the Cabinet of Ministers of Ukraine.

UKRINFORM