Bank of Lithuania began the implementation of the EU Twinning project for the National Bank of Ukraine
Today marks the official launch of the EU Twinning project “Strengthening the institutional and regulatory capacity of the National Bank of Ukraine to implement the EU–Ukraine Association Agreement”. The project will be implemented by a consortium of two central banks, namely Narodowy Bank Polski (as the Lead Partner) and the Bank of Lithuania (as the so-called Junior Partner), as well as by experts from the national central banks of Greece, Hungary, the Netherlands, Portugal, Sweden, and the European Central Bank.
The project aims 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. With a total budget of €1 million (entirely funded by the European Commission), the implementation of the project will take 21 months.
The Bank of Lithuania has been cooperating with the National Bank of Ukraine for many years, exchanging expertise and sharing best practices in foreign reserve management, banking supervision, financial stability, payments, operational risk management, and strategic planning. Such cooperation is enhanced by the bilateral cooperation agreement in the area of innovation development, signed by the central banks in 2018, as well as regular bilateral high-level meetings.
This is the second EU Twinning project where the Bank of Lithuania assumes the role of a Junior Partner. In 2018–2019, the Bank of Lithuania, together with the national central banks of Poland and Germany, successfully implemented the EU Twinning project at the National Bank of the Republic of Belarus.