Ukraine will create a development bank by the end of 2011

Ukrainian Bank for Development will be established before the end of this year and will replace the state target program, said the head of the State Agency for Investment and management of national projects (national project) Kaskiv seventh Ukrainian Investment Summit Adam Smith Conferences, London. "Creating the Ukrainian Bank for Development will optimize costs, reduce corruption and eliminate the system of state programs as ineffective," - he said. Kaskiv said the agency "Interfax-Ukraine", which is now national project and the National Bank of Ukraine finalizing a bill on the bank of development and its organizational model. According to him, the bank will be established on the basis of the Ukrainian Bank for Reconstruction and Development (UBRD), but the final model is still under discussion. UBRD founded in 2004. On January 1, 2011 its largest shareholder is the State Innovation Finance and Credit Organization, which owned 99.9937% of capital. According to the National Bank of Ukraine on January 1, 2011 by total assets UBRD held the 168-th place (127 million USD), among the 175 banks operating in the country. On materials the Interfax-Ukraine