World Bank to Allocate $593 Million to Support the Private Sector in Ukraine
13.11.2024 | 13:38 | Section for Public and Mass Media Relations
First Deputy Prime Minister and Minister of Economy of Ukraine, Yuliia Svyrydenko, Minister of Finance of Ukraine, Serhii Marchenko, and the World Bank Country Director for Eastern Europe, Bob Saum, have signed Grant and Loan Agreements for a new systemic project in Ukraine, the Program-for-Results (PforR) — Resilient, Inclusive and Sustainable Enterprise" (RISE).
The financial package of the programme will include:
- A $283 million loan from the International Bank for Reconstruction and Development (IBRD);
- A $300 million loan under the Special Program for Ukraine and Moldova Recovery under the International Development Association (IDA) Crisis Facility.
- A $10 million grant from the World Bank’s Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF).
"Since the start of the full-scale invasion, the World Bank Group has mobilised over $50 billion in support for Ukraine, and the RISE PforR programme marks an important stage in our continued work with partners to restore and develop the private sector. This initiative will support up to 20,000 small and medium-sized enterprises (SMEs), help create over 40,000 jobs through state business support programmes, and strengthen our deregulation efforts and work on developing digital services for businesses," said Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine.
"Experience from other countries demonstrates that implementing PforR programmes creates unique opportunities for building the capacity of the institutions involved. Therefore, we are pleased that this tool for supporting the private sector, which is the driving force behind reconstruction and sustainable growth, will now be operational in Ukraine," said Bob Saum.
The RISE programme will focus on improving the business environment and digital services for interaction between the state and businesses, as well as enhancing the access of Ukrainian SMEs to export markets.
The Ministry of Finance of Ukraine is responsible for overseeing and coordinating the RISE programme. The Ministry of Economy will be responsible for implementing RISE, its monitoring, and evaluation. By the end of 2024, based on the achievement of predefined programme indicators, Ukraine could receive $400 million to the state budget’s general fund.
"This is the first large-scale programme of its kind that the Ministry of Economy and the Ministry of Finance have worked on in close collaboration with the World Bank over a long period. We are very grateful to our international partners for making it possible to bring this to life today. The World Bank will direct the support to the general fund of the state budget on a refinancing basis for the Ministry of Economy’s programmes, as the government implements the planned reforms. The focus of RISE PforR will be on improving the regulatory environment for the private sector, easing access to financing, and moving towards a sustainable, digital, and inclusive economy, which aligns with the priorities of the SME Strategy for 2027," emphasised Oleksii Sobolev, First Deputy Minister of Economy of Ukraine.
A separate direction of the RISE PforR programme is strengthening the institutional capacity of government agencies in the development, implementation, monitoring, and evaluation of private sector development programmes.
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