Netherlands, Switzerland pledge funds to IFC program for Ukraine’s economy

The Netherlands and Switzerland committed additional funds to a $2 billion International Finance Corporation's (IFC) program that is aimed at bolstering Ukraine’s economy, the organization said in a press release on April 14. The funds will support Ukraine’s private sector and work on building economic resilience to lessen the effects of Russia’s full-scale invasion of Ukraine.

Together the countries will provide $53 million toward supporting the private sector. The Netherlands will provide $43 million to support the agricultural sector in Ukraine, while Switzerland has committed $11 million to support small-scale farmers.

The IFC highlighted the importance of the private sector in keeping Ukraine’s economy functioning during the war, and said it will play a ‘crucial role in the country’s reconstruction efforts.’

Ukraine’s reconstruction costs were estimated at $411 billion on March 23, making support from the IFC only a small part of the total funds necessary.

“Ukraine's economy remains on life support, and we will continue working with other development partners to provide the guarantees and grants the private sector needs,” said Makhtar Diop, IFC’s Managing Director.

France also announced its intention to supply Ukraine with $2.2 billion in aid to support Ukraine’s reconstruction on April 14.

Ukraine war latest: Russia intensifies Bakhmut assault; 2-year-old killed in Russian missile strike (GRAPHIC)

Editor’s note: This story contains graphic images that some readers may find uncomfortable. Key developments on April 14: * UK Defense Ministry: Russia ‘re-energized’ assault on Bakhmut as the Kremlin and Wagner improve cooperation * Ukrainian army rejects Russia’s claim of being surrounded in B…

Kyiv IndependentAsami Terajima