OREANDA-NEWS. February 01, 2013. In Ukraine, with an aim to provide a real economics sector with long-term credits for modernization of production facilities, a State development bank will be set up. This is envisaged by the State program of activization of economic development for 2013 – 2014. This was informed by Premier Mykola Azarov during a session of the Government.

“One of the essential elements of the new system of encouraging modernization has to become a State Development Bank, directing its resources for long-terms loans to be used for projects of industrial upgrade,” Mykola Azarov told.

“Introduction of such an instrument will give a chance to solve one of the urgent problems which leads to ineffective use of state funds: elimination of officials from direct distribution of financial resources among the economy subjects. At the same time, the state has solvent creditors, meaning banks, which will receive financing from the state development bank and be responsible for returning funds to it”.

According to Mykola Azarov, peculiar attention should be paid to stirring up investment activity of small entrepreneurs, notable by giving microcredits to them for starting up and maintaining their own business.

In addition, the Premier called on the panel for finalizing the draft State program of activization of economic development for 2013 – 2014 to ensure that all measures of this Program must have definite effect and clearly determined realization periods.