Ukraine signs new agreements totaling almost $600M with World Bank

Under the new project “Resilient, Inclusive and Sustainable Enterprise” (RISE), Ukraine has signed agreements with the World Bank worth almost $600 million.

Prime Minister Denys Shmyhal announced this on Telegram, Ukrinform reports.

“Ukraine has signed agreements under the new project for a total sum of almost $600 million with the World Bank. It was agreed upon during the Spring Meetings in Washington. And today the Ministry of Finance and the Ministry of Economy have signed respective agreements with the Bank,” he wrote.

Shmyhal clarified that RISE is a new project aimed at supporting small and medium-sized businesses, green transition, improving the business environment, digitalization, and facilitating entry into new markets. The project is scheduled to run until 2027, the total amount of funding is planned to be more than USD 1 billion.

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“This will significantly boost the Ukrainian economy and strengthen Ukrainian small and medium-sized businesses to meet today’s challenges. I am grateful to World Bank President Ajay Banga, Managing Director Anna Bjerde and Regional Country Director Bob Saum for their continued involvement and support to Ukraine in times of war,” the Prime Minister added.

As Ukrinform reported earlier, since February 2022, Ukraine has already received more than $37 billion in budget support thanks to resources from international partners raised through World Bank mechanisms.

Photo: Cabinet of Ministers

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