The Cabinet of Ministers of Ukraine approved the initiated and developed by the Ministry of Economic Development and Trade changes to the procedure for carrying out the examination and selection of investment projects, which can be supported by the state in the form of state guarantees.

In particular, the Government clarified the grounds for a positive or negative conclusion of the state examination of investment projects, which will be provided with state support. The list of criteria for a positive or negative conclusion that can be given to an investment project is supplemented by criteria of compliance with the requirements of the legislation, the relevance of the project, as well as the mutual harmonization of the ecological, economic and social interests of the society. The Government also set deadlines for conducting state expert appraisal of investment projects within 40 working days from the date of receipt of documents.

The adopted resolution will make the process of providing state guarantees for the implementation of investment projects more transparent. First of all, it will reduce the number of papers when projects are executed, because there will be no duplication of documents submitted for participation in the selection. At present, the procedure of examination of investment projects, in particular, risk assessment by the Ministry of Finance of Ukraine, is being improved. And, finally, the amended Resolution is fully in line with the principles of three-year budget planning, noted in the Government.

The decision simplifies the process of obtaining a document confirming the correctness of the investment project calculations for the applicant. Instead of a certificate from banks for which this kind of activity is irrelevant, a document should be provided from the potential lender who is planning to finance the project.

Amendments to the Resolution also stipulate that when deciding on state support for investment projects, will be taken into account the existence of an entity's debt to the government in respect of loans attracted by the state or under state guarantees, as well as arrears of wages to their employees.

In the said resolution, the Government also took into account changes to the Budget Code of Ukraine regarding the need to take into account the risks associated with the provision of state guarantees of investment activity (the maximum permissible ratio of guaranteed public debt to GDP and the limit of the number of state guarantees) in preparing the Budget Declaration.

Source: http://www.me.gov.ua/News/