Ukraine has signed agreements with the World Bank totaling nearly $600 million under the "Resilient, Inclusive and Sustainable Enterprise" (RISE) project, Prime Minister Denys Shmyhal announced on Nov. 4.
The project is aimed at supporting small and medium-sized businesses, green initiatives, and digitalization, according to his post on Telegram.
Shmyhal announced that the project will run until 2027, with total funding expected to exceed $1 billion.
He thanked the World Bank and emphasized that RISE would help strengthen Ukraine’s economy, enabling businesses to adapt to current 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,” Shmyhal wrote.
As the ongoing full-scale Russian invasion continues to put pressure on Ukraine's economy and business, the World Bank plays a crucial role in supporting the country's economic sector.
Since February 2022, Ukraine has received over $37 billion in budget support through World Bank partnerships.
The Peace in Ukraine project has been the primary tool of the World Bank in providing financial assistance for Ukraine from 2022 until today.
Over $25 billion has been raised via Peace in Ukraine, and a new deal will increase the amount to almost $30 billion, most of which was provided by the U.S., according to Ukraine's Finance Ministry.
Dmytro Basmat
(Updated: )
