The state program on stirring up the development of the Ukrainian economy in 2013-2014, being drawn up by the government, provides for the creation of the State Bank for Development in 2013, first vice Prime Minister Serhiy Arbuzov said.

"This will be the bank of the first level, which will issue resources for commercial banks for them to issue long-term credits for upgrades," he said during the discussion of the draft program at the Cabinet in Kyiv on Tuesday.

Economic development and trade minister Ihor Prasolov said that the financing of investment projects via the State Bank for Development would be a more effective way than the existing options thanks to the fact that the recipients of the funds will be non-government banks.

According to him, the sources of the financing of the State Bank for Development would be the budget and government-secured loans.

Currently, two fully state-run banks operate in Ukraine – the Oschadbank and the Ukreximbank, being ranked second and third in the terms of assets among all the banks, and three banks nationalized during the financial crisis.



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