Ukraine and the World Bank Discuss Continued Cooperation in 2025
16.12.2024 | 10:32 | Section for Public and Mass Media RelationsFirst Deputy Prime Minister of Ukraine and Minister of Economy Yuliia Svyrydenko met with Antonella Bassani, Vice President of the World Bank for Europe and Central Asia, during her working visit to the United States. The parties discussed further financing for the “Resilient, Inclusive, and Sustainable Enterprise” (RISE) program, tools for the housing sector and mortgage programs, support for long-term economic modelling for Ukraine, and the launch of the I_CAN regional development program.
“The RISE program is an excellent example of cooperation between the Ministry of Economy and the World Bank. By the end of this year, a $250 million disbursement will be made. Next year, we expect to attract additional funds. The RISE program will support up to 20,000 small and medium-sized enterprises and contribute to the creation of over 40,000 jobs through government business support programs,” Yuliia Svyrydenko noted.
Additionally, the parties discussed progress on the housing sector strategy. Last month, a working group was launched by the Cabinet of Ministers.
“We are ready to begin the actual process of analysis and modelling of the housing sector in close cooperation with the World Bank this month, including the development of an optimal financial model for social housing and a rent-to-own approach. During the first half of 2025, based on the financial modelling, we plan to develop an updated strategy for ‘Ukrfinzhytlo,’ the company administering the eOselia preferential mortgage program,” the minister said.
The minister also expressed her expectations for the swift launch of the I_CAN project, aimed at regional development. This initiative will help attract investments into communities, restore affected regions, and bring people back to these areas.
The discussion also touched upon how the Ukrainian government could synchronize World Bank programs with European integration processes.
Finally, Yuliia Svyrydenko thanked the World Bank for systematically mobilizing financing for Ukraine’s recovery through its programs. Recently, the Government of Austria contributed a €10 million grant to the World Bank’s Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF). These funds will be directed toward restoring Ukraine’s energy sector and other critical infrastructure, as well as supporting the implementation of urgent reforms.
Background:
The Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF) is a rapid and flexible platform that enables the World Bank to prioritize and direct funding to Ukraine’s most urgent development needs as identified by the Ukrainian government.
Established in December 2022, the fund has become a platform for mobilizing grant assistance from international partners to address the consequences of the war. Since its creation, the fund has supported several significant projects, including housing sector recovery, the construction of protective structures for energy infrastructure, and affordable financing under the “5-7-9% Affordable Loans” program in agriculture.
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