Partners to cooperate to increase the effectiveness and participation of the financial sector in the sustainable development of Ukraine

Kyiv, 24 January 2022 – The United Nations Development Programme (UNDP) in Ukraine and National Bank of Ukraine (NBU) today signed a memorandum of understanding (MoU) to cooperate in developing sustainable financing standards and implementing ESG (Environmental, Social and Governance) approaches in the financial sector, as well as conducting joint activities leading to more sustainable, inclusive, and green economic development to make financial system of Ukraine more resilient to environmental, social and governance risks.

Commenting on the MoU, UNDP Resident Representative in Ukraine Dafina Gercheva said her agency was glad to support Ukraine’s efforts to elaborate the necessary frameworks to facilitate sustainable financing in the country.

“Building a green economy and green finance have become key areas of UNDP support to Ukraine’s government,” Gercheva said.

“I’m pleased to see that thanks to this strategic partnership, comprehensive regulatory and institutional frameworks will be developed to facilitate sustainable financing in Ukraine. UNDP stands ready to further strengthen the capacity of the National Bank of Ukraine for implementing Sustainable Finance Development Policy 2025, contributing to strengthening the country’s economy for the benefit of the people of Ukraine.”

"The National Bank of Ukraine is actively working to promote sustainable financing, in line with the global concept of sustainable development and the European integration policies of our state," said NBU Governor Kyrylo Shevchenko in his welcoming speech.

Shevchenko also said NBU specialists are already receiving qualified advice from UNDP on the development of standards for the disclosure of information from financial non-banking institutions on environmental, social and managerial risks.

"The online meetings dedicated reviewing international standards and practice on this topic have been productive and useful," the NBU Governor said.

According to the MoU, the parties will cooperate to organize corporate governance related to the implementation of ESG principles, develop standards for disclosing ESG indicators, elaborate standards for sustainable financing, and improve environmental and social risk management for financial institutions and nonbank financial institutions.

The cooperation between UNDP and NBU will contribute to the implementation of the 2030 Agenda in Ukraine, increase the effectiveness and participation of the financial sector in the sustainable development of Ukraine via nonregulatory mechanisms, and facilitate an enhanced dialogue between the public and private financial sectors in SDG financing for the better alignment of policies, strategies, and investment flows.

Media Enquiries

Yuliia Samus, UNDP Communications Team Leader, yuliia.samus@undp.org, +380971391475

Press service of the National Bank of Ukraine press@bank.gov.ua (monitored daily).