Narodowy Bank Polski and the National Bank of Ukraine start a twinning project
On 29 September 2020, Narodowy Bank Polski (NBP), the European Commission, and the National Bank of Ukraine (NBU) concluded an agreement on the implementation of a twinning project: “Strengthening the institutional and regulatory capacity of the National Bank of Ukraine to implement the EU-Ukraine Association Agreement”.
Twinning is about the transfer of expert knowledge and so-called good practices, training, and consultancy services for the beneficiary in the areas specified in the agreement. In the implementation of the project Narodowy Bank Polski will be supported by the Bank of Lithuania (as the so-called junior partner) as well as by experts from the central banks of Greece, Hungary, the Netherlands, Portugal, Sweden and the European Central Bank.
The aim of twinning is to support the central bank of Ukraine in the performance of certain banking supervision functions, develop payment system components, and strengthen strategic planning and cooperation with international institutions. The implementation of the project will take 21 months and its budget – entirely funded by the European Commission – is EUR 1 million.
The National Bank of Ukraine is an important institution of public administration of Ukraine in the broad sense. Apart from conducting monetary policy and overseeing the banking sector, it is also responsible, among others, for implementing certain provisions of the association agreement between the European Union and Ukraine. The consortium of NBP and the Bank of Lithuania will thus implement the project that indirectly aims to support NBU’s capacity to actively participate in the EU-Ukraine association process.
The fact that Narodowy Bank Polski has been entrusted the implementation of this European project confirms the high standing of the Polish central bank in the international arena, including in the field of assistance programmes, and its role as a recognised centre of expertise in economics and finance.