Development strategy: main areas of work of the State Property Fund and the World Bank

The SPFU team met with representatives of the World Bank. They discussed support for reforms and improvement of legislation on property valuation, valuation activities and sanctioned assets.

"Today, the institutional capacity of the Fund in managing state-owned enterprises is important. Then we will be able to respond more quickly to all challenges," emphasized the Chairman of the State Property Fund of Ukraine.

Joint projects with the World Bank include coordination of work on legislative regulation of property valuation, automated real estate valuation algorithms, development of legal regulation of sanctioned assets, etc. The State Property Fund expects to draw the attention of international partners to various issues that require support and financial investment.

Vitaliy Koval emphasized the search for opportunities for private business to develop and protect assets under martial law. In particular, war risk insurance in Ukraine is provided by the Multilateral Investment Guarantee Agency (MIGA), which is part of the World Bank Group. The increased guarantee from MIGA is being extended to support Ukrainian small and medium-sized businesses.

"We believe that a big impetus for interested global organizations is the availability of war-related risk insurance. Then the demand for privatization objects from international partners will increase. And today, every hryvnia goes to support the Defense Forces," the Chairman of the Fund said.

The parties also discussed cooperation in the area of sanctioned property and support in creating legal and analytical materials on risk assessment.

"Our task is to put sanctioned assets up for privatization to raise funds for the Recovery Fund. In the process of preparing the property for privatization, we face many challenges that require properly regulated mechanisms," Vitaliy Koval emphasized.

At the end of the meeting, the parties discussed prospects and initiatives for further cooperation. The participants set goals and agreed on plans for the future to establish an effective partnership.

For reference. The World Bank Mission began working with the State Property Fund in the field of property valuation and professional valuation activities in 2019. This resulted in the development of measures to reform the property valuation sector and technical assistance to the Fund specialists in the implementation of automated real estate valuation models for tax purposes.