LONDON, May 17 – The Ukrainian Bank for Development will be established by the end of 2011 and will replace state-targeted programs, Vladyslav Kaskiv, the head of the State Agency for Investment and National Projects Management, said at the seventh Ukrainian Investment Summit organized by the Adam Smith Conferences in London on Monday.

"The creation of the Ukrainian Bank for Development will allow us to optimize costs, reduce corruption and eliminate the system of state targeted programs as ineffective," he said.