Ukraine to receive almost $600 million more from World Bank
Photo: Prime Minister of Ukraine Denys Shmyhal (Getty Images)
Ukraine has signed agreements with the World Bank worth almost $600 million. The funds will be allocated under a new financial support program for Ukraine, according to the Prime Minister of Ukraine Denys Shmyhal.
According to the Prime Minister, the program was agreed upon during the Spring Meetings in Washington in April. And today, on November 4, the Ministry of Finance and the Ministry of Economy of Ukraine signed the relevant agreements with the World Bank.
This is a new project called Resilient, Inclusive, and Sustainable Enterprise (RISE), which aims to support small and medium-sized businesses, facilitate the green transition, improve the business environment, promote digitalization, and help access new markets.
The project is set to run until 2027, with a total planned funding amount exceeding $1 billion.
"This will significantly strengthen the Ukrainian economy and bolster Ukrainian small and medium-sized enterprises to address modern challenges. I thank World Bank President Ajay Banga, Managing Director Anna Bjerde, and Regional Director Bob Saum for their ongoing engagement and support for Ukraine amid the war," noted Shmyhal.
World Bank assistance
In February this year, we reported that the Ministry of Economy of Ukraine and the World Bank are working to secure $500 million. These funds will be directed towards financing projects that support Ukrainian businesses.
In March, the World Bank allocated $1.5 billion for the development and recovery of Ukraine.
