Ukrainian International Financial Center may start operating in 2023

Ukrainian International Financial Center may start operating in 2023

Ukrinform
The Ukrainian International Financial Center may start operating in 2023.

"A memorandum between the Government [of Ukraine] and our American and European partners on the formation and establishment of the Ukrainian International Financial Center was prepared. This idea became possible thanks to the adoption of the law on simplification of investment attraction last year… The Center is expected to be launched in 2023," Timur Khromayev, Chairman of the National Securities and Stock Market Commission (NSSMC), said at the Cabinet’s meeting, an Ukrinform correspondent reports.

The Chairman of NSSMC noted that the new financial center will be based on five institutions: an advisory board, an investor relations department, an arbitration center, a universal stock exchange and a financial and infrastructure holding. In his opinion, the implementation of the project to launch the Ukrainian International Financial Center will provide an opportunity to accelerate economic growth and improve the general welfare of the population.

"According to our preliminary estimates, this [launch of financial center] will give an additional 2% of GDP annually. In addition, these are fair and transparent pricing processes for basic goods and financial instruments," Khromayev said.

As reported, the concept of stock market development in Ukraine was presented on October 22, 2020 at a meeting to discuss the creation of infrastructure for the development of the stock market in Ukraine.

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