Wednesday, March 24, 2010

President instructs elaboration of investment program of Euro 2012 financing

The President informed that he plans to hold a coordination meeting on preparation for Euro 2012 within the framework of which, in particular, financing of the relevant program would be discussed.

"There is much talk that we will be funding Euro-2012 from the state budget. I would like you to offer an investment program and find the possibilities of taking loans to finance this important public event", said Viktor Yanukovych.

The President said that he is well aware that the state is off schedule in the preparation events and therefore is forced to take extraordinary measures to speed up construction of stadiums, roads, hotels and the whole infrastructure in general.

From his part Borys Kolesnikov said that the Government delegation has tudied the situation in the cities that will host Euro 2012, and that experts will provide detailed and objective assessment of the state of affairs in the field very soon.

The Vice Prime Minister also said that in order to create the appropriate investment climate, the Government has addressed the Verkhovna Rada with the suggestion to approve a bill that would provide companies willing to invest money in building hotels with benefits.

"We suggest introducing zero tax rate for those hotels that are already functioning and to those being built in Ukraine to host Euro 2012 guests, at least for 10 years", said Borys Kolesnikov.

He has also informed the President about other possibilities of raising funds to prepare for Euro 2012, particularly issuing bonds and introduction of a national lottery scheduled on September 1 to provide additional source of funds for Euro 2012 projects.

Borys Kolesnikov also informed that there is a roundtable of international hotel brands scheduled to be held in April in Kiev, at which hotel business in Ukraine would be discussed.

From his part Vice Prime Minister Kolesnikov assured President Yanukovych that the Government would do everything necessary for Euro 2012 to be held in Ukraine on the proper level.