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12 December 1998
For immediate release
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EBRD's New President, Visits Kyiv To Gather First-Hand Information About Economic Situation In Ukraine

The EBRD new president, Horst Keller visited Kyiv with a view of gathering first-hand information about the economic situation in Ukraine. The European Bank's current financial commitments with regard to Ukraine are estimated to total 570 M. ECU, which sum is believed unsatisfactory to both parties. According to analysts in Kyiv, the EBRD may be interested to more actively participate in the privatization process in Ukraine, particularly in such fields as power industry and telecommunications. The EBRD president's visit schedule reportedly provided for meetings with president Leonid Kuchma, Verkhovna Rada speaker Oleksandr Tkachenko, premier Valery Pustovoitenko, the finance minister, the NBU governor and the NADEI chairman.

President Kuchma Meets With EBRD President Keller

On December 11, 1998 President Leonid Kuchma met in Kyiv with visiting EBRD President Horst Keller. Speaking to media people immediately after the meeting, Horst Keller said the EBRD will continue its scrutiny of possibilities to finance the construction of additional nuclear reactors at the Rivne and Khmelnytsky NPPs. As the EBRD president disclosed, an agreement has been reached on the EBRD's support for the Memorandum on understanding between Ukraine and G7.

Prime Minister Pustovoitenko Meets With EBRD President

On December 11, 1998 Ukrainian Prime Minister Valery Pustovoitenko met in Kyiv with visiting EBRD President Horst Keller. The parties discussed avenues to setting up a mixed working group in charge of drafting schemes for the Ukrainian power industry's reformation. Messrs. Pustovoitenko and Keller also reviewed the EBRD's priority projects for Ukraine including those meant for fostering small and medium-sized privately-run businesses, the banking system's rehabilitation and strengthening, improvements in municipal infrastructure, and so on. As Mr. Keller noted, his choice of Ukraine as the country of his first official visit was not accidental, as Ukraine has been more successful than its neighbor, Russia, in coping with the financial crisis and its after-effects.


First Deputy Parliament Speaker Adam Martynyuk Meets With EBRD President

On December 11, 1998 Verkhovna Rada first deputy chairman Adam Martynyuk met in Kyiv with visiting EBRD president Horst Keller. The parties focused on issues relating to Ukraine's cooperation with the European Bank for Reconstruction and Development. The host party was reported to have urged the bank's revision of its rule to direct 60 percent of its investments to the private sector and 40 percent to the state-run sector, through reversing this ratio in keeping with Ukraine's economic realities.

EBRD President Horst Keller Signs Agreement With W-Kyiv Company To Finance Hotel Construction Project For Kyiv

On December 12, EBRD president Horst Keller, who made an official visit to Kyiv, signed an agreement with the W-Kyiv company in the metropolitan City-Hall, under which the European Bank for Reconstruction and Development will finance a project to construct Kyiv's first four-star hotel near the city's historical Golden Gate. The construction project's peculiarity will be in the EBRD posing as the future hotel's co-founder whose contribution will amount to over 5 million ECU in direct investment plus almost 12.5 million ECU in the form of credits.

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