Ukraine secures $200 million from World Bank for reconstruction projects
The World Bank will provide $200 million over the next five years to prepare Ukrainian projects for large-scale reconstruction, the Economy Ministry announced on July 11.
The funding will be available under the five-year PREPARE program, which Ukraine launched by signing an agreement with the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) during the Ukraine Recovery Conference.
Following three years of destruction caused by Russia's full-scale war, Ukraine needs $524 billion for recovery and reconstruction, according to a U.N. report released in February.
The Economy Ministry said that with World Bank financing, Ukrainian reconstruction projects will be able to move to implementation faster by bringing them up to international investor standards.
"Together with the World Bank, we are creating a systematic 'preparation factory' (for reconstruction projects) that minimizes delays, increases transparency, and opens the path to multi-billion investments in the coming years," Economy Minister Yuliia Svyrydenko said in a press release.
The first grant of $44.3 million will be directed toward collecting and preparing state assets for investment, the Economy Ministry said. The funding will be available starting in August.
The first grant will also partially finance the development of the Public-Private Partnership Agency, which will implement the program.
