Ukraine and World Bank to extend cooperation

Economichna Pravda — Thursday, 18 July 2024, 17:48

The Ukrainian government is interested in increasing the presence of the World Bank in Ukraine in order to accelerate the preparation and implementation of strategic projects and reforms.

Source: press service of the Ministry of Economy of Ukraine

Details: The Ministry of Economy of Ukraine closely cooperates with the World Bank. Specifically, over the past year and a half the scale of joint work extended in many sectors.

"The government is developing the Matrix of reforms in order to coordinate the partners regarding economic reforms. The preparation of the RISE project, within which the World Bank will allocate US$1.03 billion during 2024-2027 for the private sector of Ukraine, is also ongoing," Oleksii Sobolev, First Deputy Minister of Economy of Ukraine, said.

The experts from the World Bank will help the Ukrainian government to improve the Public Investments Management (PIM) and develop the human capital.

The sides have discussed the priority projects of the cooperation, mainly the preparation of the RISE project (The project of Resistant, Inclusive and Stable Entrepreneurship), within which the World Bank will provide a US$1 billion loan and a grant of US$30 million for Ukraine.

The project will be implemented during the next four years to support the reforms of the Ukrainian government in the private sector. The RISE project re-finances the expenditures conducted within the state support programmes implemented by Ukraine’s Economy Ministry, including the "5-7-9%" [loans to finance working capital] and "yeRobota" [a government programme of non-refundable grants for starting and developing one's own business] programmes.

Background:

Ukraine has been upgraded to an upper-middle-income country according to the World Bank's income classification for the 2024 fiscal year.
At the Ukraine Recovery Conference (URC2024), the IFC group of the World Bank and the Galnaftogaz (the OKKO petrol station chain) signed the mandate concerning funding the construction of the 150 MW wind power plants.

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