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Ukrainian entrepreneur to give $50 mln for ‘Effective Governance’

The Foundation for Effective Governance, established in 2007, is proud to announce an unprecedented funding gift from its philanthropist & entrepreneurial founder, Rinat Akhmetov.

The Foundation is guided by a board of international leaders including former Canadian Prime Minister Kim Campbell and former US Senator Lincoln Chaffee, as well as György Surányi, the former head of the Hungarian National Bank, among others. The Foundation develops and supports long-term projects and programs, which are of strategic importance for Ukraine’s economic development. The established budget for the Foundation, provided by Akhmetov, will amount to $50 million over the next five years (up to 2012). “The Foundation was established to contribute to Ukraine’s economic growth,” says Rinat Akhmetov. “It was created to make our economy more competitive in Europe and globally, and most importantly - to improve the standard of living and quality of life of every Ukrainian citizen.”

According to Akhmetov, the Foundation will also initiate public discussion of the important issues concerning Ukraine’s economic development and the country’s competitiveness in the global economy. To achieve these goals, the Foundation will work with the leading international and Ukrainian experts with proven experience and excellent reputations within the governmental and economic sphere. “Nobody doubts that the country [Ukraine] needs reform to achieve economic growth, but reform is a complex and sometimes painful process that must be managed effectively,” Akhmetov said. “For this reason, I am honored to be able to provide the necessary support for an initiative that has the potential to change the future and create long lasting stability for the ultimate betterment of this country, my country.”

The Foundation for Effective Governance is an independent and non-partisan foundation, which will cooperate with government authorities at all levels and civil society institutions and is based on the principle that a clear, understandable, and long-term strategy always underlies effective governance. The Foundation is committed to the principles of independence, openness, and a practice-oriented approach, which delivers concrete results. “This is the strategy of victory that always prevails over a momentary special interest,” said Akhmetov.

The Foundation is already working on three projects:
*the creation of a medium-term economic plan for Ukraine;
helping to develop a single, coordinated plan for Ukraine’s hosting of the *Euro-2012 international soccer championships, and,
*in partnership with the World Economic Forum, analyzing the national and regional competitiveness of the Ukrainian economy.

About The Foundation For Effective Governance
In 2007, Rinat Akhmetov founded The Foundation for Effective Governance (FEG) to support the long-term economic development of Ukraine. On December 6, 2007, FEG launched in Kiev with a goal to improve the standard of living of each Ukrainian citizen. Akhmetov’s stated aim is to develop and implement long-term projects and programs, which encourage economic growth in Ukraine. In order to reach these goals the Foundation will attract leading Ukrainian and international experts with proven experience, strong expertise, and excellent reputations to work on its programs. The Board of Trustees ensures the Foundation’s independence and that it works to its mission and principles by taking an active part in building the Foundation’s strategy, selecting programs, as well as assessing the Foundation’s performance. (