“Today the EU Twinning project for the NBU has been officially launched. The project will be implemented by the partners from Narodowy Bank Polski and the Bank of Lithuania. The aim of the project is to contribute to the macroeconomic stability of Ukraine through the institutional strengthening of the NBU, building a reliable banking and payments infrastructure, and supporting the NBU’s capacity to implement the EU-Ukraine Association Agreement,” the press service of the National Bank of Ukraine (NBU) informs.
As noted, the project is funded by the EU. The project’s budget amounts to EUR 1 million.
The project will be implemented from 1 October 2020 to 30 June 2022. It will involve dozens of experts from Narodowy Bank Polski and the Bank of Lithuania, accompanied by professionals from five other European national central banks.
The Twinning project focuses on four areas. The first one deals with development of approaches to banking supervision; the second – implementation of an instant payments system; the third – improvement of strategic planning in central bank; the fourth – improvement of the European integration and international cooperation process of a central bank.
External expertise will serve to strengthen the NBU in its international activities and cooperation, in particular in implementing the EU-Ukraine Association Agreement.
“For Ukraine, European integration is a cornerstone on the road to pursuing national interests and building an economically developed and democratic state. No doubt, the Twinning Project with our European partners will be an effective instrument for developing our institutional capacity, strengthening the banking system of Ukraine, and introducing innovative financial technologies. This is another important step we are taking towards the integration of the NBU into the European community of central banks,” said NBU Deputy Governor Dmytro Sologub.
As a reminder, Twinning is a European Union instrument for institutional cooperation between public administrations of the EU Member States and those of beneficiary or partner countries.
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