In a significant move to bolster the housing market in Ukraine, Prime Minister Denys Shmyhal, Vice President of the World Bank Antonella Bassani, and Vice President of the International Finance Corporation Alfonso Garcia Mora have signed a memorandum of understanding.
The agreement aims to enhance the housing market and is a crucial step in Ukraine’s post-war recovery and modernization efforts.
Prime Minister Shmyhal announced the signing on Telegram, highlighting the World Bank’s commitment to supporting both public and private sectors in improving Ukraine’s housing market.
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The World Bank will assist in simplifying regulations for new construction projects, making it easier for developers to initiate and complete housing developments. The memorandum also focuses on improving the protection of citizens who purchase real estate, ensuring that buyers are safeguarded throughout the process.
Shmyhal emphasized the dual goals of restoring damaged or destroyed housing and modernizing Ukraine’s housing policy to align with European Union standards. Collaboration with the World Bank will also create incentives for private banks to offer affordable loans to Ukrainian families, making homeownership more accessible.