A child takes part in the “Money and My Family” drawing competition during the USAID Field Day in Ivano-Frankivsk.
A child takes part in the “Money and My Family” drawing competition during the USAID Field Day in Ivano-Frankivsk.

Ukraine’s economic crisis exposed the legal, regulatory and institutional weaknesses in the financial sector. Implementation of international standards in the banking, capital market and pension sectors is necessary to encourage domestic and international investment, achieve stable economic growth and build confidence in financial markets.


  • Enhance the regulatory capacity for effective oversight and supervision of financial institutions.
  • Improve financial market infrastructure and implement internationally recognized standards of disclosure and transparency.
  • Assist Ukrainian consumers through increased consumer protection and financial education/awareness.
  • Support pension reform that addresses the needs of citizens.
  • Expand the domestic securities markets to mitigate financial stress and broaden the financial base.
  • Encourage investment and attract equity capital to the region.

USAID programs are working to build a financial sector in Ukraine that is regulated by independent entities, supported by industry best practices, integrated with international standards, and trusted by Ukraine’s citizens and the investor community. USAID’s support for Ukraine’s financial sector includes the development and implementation of new laws, regulations, and financial market infrastructure. It also raises the level of financial literacy of Ukrainians, empowering citizens to make well-informed and responsible financial decisions.

Financial Sector Development Program (FINREP-II)

A five-year, $13.6 million activity, FINREP-II assists Ukraine to increase financial sector stability and restore public trust in financial markets. FINREP-II builds on the successes of the USAID FINREP Project (October 2009-December 2012) by strengthening Ukraine’s financial sector legal and regulatory framework; developing Ukraine’s debt and equity markets; and educating a more sophisticated, financially literate citizenry. In partnership with the Government of Ukraine and the private sector, this activity works to establish an internationally compliant legal framework, and exchange for derivatives and commodities to promote Ukraine’s agricultural sector. USAID also focuses on integrating financial sector reform with civil society. Through its Go Women initiative, FINREP-II will increase women’s financial literacy, economic opportunities, leadership skills, social independence, and public engagement.   

Business Investments and Loans
The Western NIS Enterprise Fund (WNISEF) is an investment fund capitalized with $150 million by the U.S. Government in 1994 to promote the development of a wide array of private enterprises in Ukraine, Moldova, and Belarus. The Fund provides capital and management support for its companies. 

Financial Sector Development Program (FINREP I/II)

  • Promoted greater transparency in financial markets through support for International Financial Reporting Standards, an electronic disclosure system (ESCRIN) and legislation for increased disclosure by bank owners;
  • Improved the payout and communications functions of the Deposit Guarantee Fund (DGF), supporting enactment of a law giving the DGF bank resolution powers;
  • Established Policy Dialogue with the Government of Ukraine, Verkhovna Rada, and professional associations on commodity exchanges and derivatives reform.
  • Promoted effective consumer protection legislation for users of financial services essential to deepening, broadening, and democratizing financial markets;
  • Monitored the pension legislation framework to increase the sustainability of the pension system and its social function, developed pension legislation, and incorporated international best practices; and,
  • Increased the financial literacy of Ukraine's population in cooperation with the National Bank of Ukraine and the Ministry of Education, Science, Youth and Sports; launched a Financial Literacy course for 10th grade students taught in 450 schools to 15,000 students throughout Ukraine and prepared 136 trained teachers to disseminate knowledge and skills.

Business Investments and Loans

  • The Fund attracted an additional $502 million in equity capital via the Emerging Europe Growth Fund I & II.
  • The Western NIS Enterprise Fund has invested $168 million in 118 companies employing 24,900 people and provided training to hundreds of local managers in finance, accounting, marketing, sales and management.

Last updated: August 28, 2014

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