MICROCAPITAL BRIEF: IFC, Ukraine Developing National Financial Inclusion Strategy to Expand Financial Access, Digital Services, Employment, Economic Growth

The International Finance Corporation (IFC), a member of the World Bank Group, recently agreed to work with the National Bank of Ukraine (NBU), the country’s central bank, to develop a financial inclusion strategy for improving digital financial services, expanding access to underserved populations and protecting consumer rights in the country. NBU Chairman Kyrylo Shevchenko said, “Our goal is to secure Ukraine’s citizens with maximum access to financial services and products. We have no right to leave anyone behind. Our joint efforts will impact the country we will live in the future: a comfortable, financially inclusive, and modern country…”

Founded in 1991, NBU has reserves of USD 28.8 billion as of August 2020.

IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of June 2020, it reported total assets of USD 96 billion.

The World Bank Group is a multilateral organization whose overarching goals are to promote shared prosperity and end extreme poverty by 2030. With 189 member nations as of 2020, the group encompasses: (1) the International Development Association and the International Bank for Reconstruction and Development, which make up the World Bank; (2) IFC; (3) the Multilateral Investment Guarantee Agency; and (4) the International Centre for Settlement of Investment Disputes. During the year ending June 2019, the World Bank Group disbursed a total of USD 62.3 billion in loans, grants, equity investments, and guarantees to partner countries and private businesses.

By Kate Finster, Research Associate

Sources and Additional Resources

IFC press release
https://pressroom.ifc.org/all/pages/PressDetail.aspx?ID=26054

National Bank of Ukraine homepage
https://bank.gov.ua

IFC homepage
https://www.ifc.org

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