EBRD may reduce investment in Ukraine.

By bne IntelliNews March 13, 2013
The EBRD may reduce investment in Ukraine due to high level of corruption, announced deputy director of the EBRD in Ukraine Graham Hutchison. He urged to create a special ombudsman, who can be contacted by businesses in case of violations of their rights. Previously, the Bank stressed that they are willing to keep the size of annual investments in the Ukrainian economy in the amount of EUR 1bn, if the country improves the investment climate. At the same time, the EBRD noted the deterioration of investment climate in Ukraine attributing it to tax, customs and judicial systems. Corruption in Ukraine is regularly cited by investors as one of the main obstacles to doing business in the country. Transparency International placed Ukraine 144th out of 176 countries in its index of perceptions of corruption published at the end of last year. The EBRD financed 35 projects in Ukraine in 2012, totaling EUR 860mn.

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