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World Bank to disburse $500 million for Ukrainian businesses in 2024

by Martin Fornusek February 15, 2024 11:55 PM 2 min read
The World Bank Group headquarters in Washington, DC on Tuesday, Sept. 27, 2022. (Samuel Corum/Bloomberg via Getty Images)
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The World Bank and Ukraine's Economy Ministry are working to mobilize $500 million for projects supporting Ukrainian business in 2024, the ministry's press service reported on Feb. 15.

The matter was discussed during a meeting between the ministry's team and the World Bank mission headed by Arup Banerji, the World Bank's regional country director for Ukraine and Moldova.

As the ongoing full-scale Russian invasion continues to put pressure on Ukraine's economy and business, the World Bank plays a major role in supporting the country's economic sector.

"I want to thank the World Bank for supporting Ukraine during the war," Economy Minister Yuliia Svyrydenko said.

"We must synchronize the stimulation of all business sectors and focus on priority industries that create additional GDP (gross domestic product), including processing industry and export-oriented businesses," she added.

During the meeting, the parties also discussed increasing Ukraine's export potential, possible ways to attract financing from the World Bank under its preferential lending program, and expanding the capabilities of the Export Credit Agency to insure war risks.

The agenda also included the modernization of Ukraine's 5-7-9% lending program, which provides reduced interest rates through state subsidies and ways to stimulate Ukrainian banks to lend to businesses more actively.

EU, IFC to mobilize over $530 million for Ukraine’s private sector recovery
This is part of the IFC’s Better Futures Program that aims to mobilize over 500 million euros ($537 million) across sectors, including infrastructure, goods production, decarbonization, and job preservation.
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