During today's meeting of the Kyiv City Council, deputies approved a new version of the Regulation on holding investment contests to attract investors for construction, reconstruction, restoration, capital repair, and technical re-equipment of municipal property of the territorial community of Kyiv. This was reported by the Department of Economy and Investments of the KMDA.

The regulation defines the mechanism of organization, holding of investment contests, identification of investors, conclusion of contracts on attraction of investments in the development of the capital.

The new version of the document improves the procedure for conducting investment tenders due to the fact that from now on, in order to avoid situations of forced refusal of a participant in an investment tender due to incorrectly prepared documents or other formal reasons, the submitted application will be checked in advance. Already directly at the meeting of the Commission, envelopes will be opened exclusively with proposals for which the participants will compete. In addition, projects of an increased stage of readiness will be submitted to the competition - with the received urban planning conditions and restrictions, as well as with a developed financial and economic model for the implementation of the investment project.

The new version of the Regulation also expands the list of objects to which investments can be attracted. It is, in particular, about movable and immovable property, equipment, and facilities; scientific and technical products, intellectual values, property rights; other property not prohibited by law. The implementation of the investment project may include, in particular, reconstruction, restoration, major repairs, technical re-equipment, construction, acquisition or modernization of equipment.

In addition, from now on, any natural or legal person, enterprise, organization can be the initiator of an investment project, regardless of the form of ownership. The initiator of the investment competition can propose an investment object, establish the form, type, volume of investment, independently develop and/or order the development of pre-project proposals. At the request of a business, any private entity can prepare an investment project and present it to the commission for consideration.

The agendas and minutes of the meetings, news about the decisions of the commission, announcements about the holding and winners of investment contests will continue to be published on the Official Portal of Kyiv, and video broadcasts of the meetings will be published on the Internet.

A consultative and advisory body will be established to monitor the compliance of investment process subjects with the requirements of legislation and control over the investment process. It will include independent experts, business and public representatives, foreign specialists, etc.

The adoption of the new version of the Regulation on conducting investment tenders will contribute to shortening the investment process by almost half - from the average 6-12 months to 4-7 months, in particular, due to the reduction of the number of necessary meetings of the investment commission. Also, the expenditure of budget funds for the preparation of investment projects will be reduced and revenues to the city budget will increase due to the provision of an opportunity for a private entity to develop pre-project proposals.