Yesterday, the document was published in Rada’s official edition “Holos Ukrainy” (Voice of Ukraine).
The Law 1981-VIII On Introduction of Amendments to the Law of Ukraine On Investment Activities (regarding the state investment projects) becomes effective today, on April 20, 112 Ukraine reports.
The document was developed in order to bring the Law On Investment Activities in compliance with the provisions of the Law On Introduction of Amendments to the Budget Code of Ukraine regarding state investment projects. In addition, the law should improve the procedure of assessment, selection and monitoring of state-financed investment projects.
In particular, the law differentiates the terms “state investment” and “state support”. Introduced are the notions of state and local investment, thanks to which it is planned to achieve the decentralization of adoption of decisions on investments.
The role of state register of investment projects was changed from permissive to informative, thanks to which the procedure of obtaining the public support for investment projects is simplified.
In the meantime, the state-financed projects and state investment projects are entered into the state register of investment projects in order to easily oversee their realization.
According to the law, the investment activity is carried out based on:
- investments, made by the citizens, non-public companies, business associations, unions and societies as well as public and religious organizations, other legal entities, based on the collective property;
- state investments, made by the government bodies at the expense of the state budget funds as well as public companies and institutions at the expense of their own and loan funds;
- local investments, made by the local self-governing bodies at the expense of local budget funds, loan funds as well as utility companies at the expense of their own and loan funds;
- state support for realization of investment projects;
- foreign investments, made by foreign states, legal entities and the citizens of foreign states;
- joint investments, made by the legal entities and the citizens of Ukraine, the legal entities and citizens of foreign states.
And the state support for realization of investment projects is provided through co-financing of investment projects from state budget funds; provision of state guarantees; lending from state budget funds, full or partial compensation of interests on loans from public funds for the realization of investment projects.
It is noted that the selection of investment projects, for realization of which the state support is provided, is made on the competitive basis, taking into account the results of public examination, conducted in accordance with this law. In the meantime, the Cabinet of Ministers establishes the list of documents, required for such selection, as well as the procedure and selection criteria for each direction, on which the state support is provided for realization of the relevant investment projects.
