World Bank grants $50 million in aid to Ukrainian farmers
Photo: Ukrainian farmers will receive $50 million (Getty Images)
Ukraine will receive a $50 million grant as part of a World Bank project aimed at restoring the country's agricultural sector, the press service of the Ministry of Finance of Ukraine reports.
The funding comes under the Ukraine Agriculture Recovery Inclusive Support Emergency (ARISE) project. Farmers will have an opportunity to receive grants to support the development of their operations.
"Ukraine is one of the world’s key food suppliers, and stable agricultural production in our country is critically important for global food security," said Ukraine's Minister of Finance Sergii Marchenko.
The agreement between Ukraine and the International Bank for Reconstruction and Development was signed on the sidelines of the Ukraine Recovery Conference in Rome.
Earlier, the Cabinet of Ministers of Ukraine has approved the allocation of $500 million for the implementation of the Ukraine Agriculture Recovery Inclusive Support Emergency (ARISE) project.
To date, Ukraine has received $595 million in financing under ARISE, including:
- a $230 million loan from the ADVANCE Ukraine Trust Fund, supported by the Government of Japan, and
- a $365 million grant from the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF).
