Ukrainian authorities to create first venture partnership fund

First venture partnership fund will be established in Ukraine to support the start-up companies. This decision has been made by the State Agency for Investment and National Projects of Ukraine.

The chairman of the Agency Vladislav Kas’kiv, reporting at the XII International Economic Forum, said that the talks with private global funds, such as CISCO, has already begun to establish a parity partnership investment fund to finance a variety of interesting projects and startups with low interest rates and no collateral.

Kas’kiv expressed the hope that the government will provide $10M in the budget for 2013 to establish the fund together with international financial institutions and private companies.

We hope to attract at least 4-5 partners, and its capital is expected to be about $50M in the following year for active financing of various startups. This is especially important for IT-companies, and those working in promising sectors of Lviv region - the head of the Agency said.

Kas’kiv also said that the fund will be managed by a special professional company and not by the state.

Recall that reported a few days ago that a former .