Women learn how to tackle crisis situations and better manage their finances – Go Women!
Women learn how to tackle crisis situations and better manage their finances – Go Women!
Courtesy of USAID/FINREP-II project

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.
  • Support vulnerable populations with financial planning skills.

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)

FINREP assists Ukraine to increase financial sector stability and restore public trust in financial markets. Additionally, 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 reducing corruption risks and integrating financial sector reform with civil society. Through its Go Women initiative, FINREP increases women’s financial literacy, economic opportunities, leadership skills, social independence, and public engagement, including vulnerable women.

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. The Fund provides capital and management support for its companies. Recently, WNISEF has launched a 3-year $30 million program from its proceeds, organizing activities in Ukraine and Moldova to work on export promotion policies; impact investing by providing accessible capital, coaching and mentoring for entrepreneurship; local economic development; and promote economic leadership by facilitating financial and expert assistance to local MBA programs.

Financial Sector Development Program (FINREP)

  • Supported critical functions of the National Bank of Ukraine (NBU), Deposit Guarantee Fund (DGF), and the Ministry of Finance (MOF) in crisis communications.
  • Supported Ukraine’s transition to International Financial Reporting Standards (IFRS) to help mitigate corruption and improve transparency in the private sector. Jointly with the Ministry of Finance and Ukraine’s Securities and Exchange National Commission, USAID supported IFRS seminars in the regions providing trainings to almost 500 accounting and management professionals.
  • Reviewed more than 100 laws and regulations in financial sector to eliminate inappropriate terms and adhere to international best practice.
  • Drafted legislation to launch a commodity exchange market and mitigate risks with derivatives financial instruments.
  • 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.
  • 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, now taught in 650 schools to almost 20,000 students throughout Ukraine, and prepared 136 trained teachers to disseminate knowledge and skills.
  • Launched the Go Women initiative, which partners with four local women NGOs to improve the financial literacy and personal self-efficacy of Ukrainian women, including vulnerable populations.

Business Investments and Loans

  • The Western NIS Enterprise Fund attracted an additional $502 million in equity capital via the Emerging Europe Growth Fund I & II.
  • The Western NIS Enterprise Fund has invested $197.4 million in 118 companies employing about 25,000 people and provided training to hundreds of local managers in finance, accounting, marketing, sales and management. 

Last updated: August 04, 2015

Share This Page