Ukraine signed new agreements with the World Bank for almost $600 million

Ukraine signed agreements with the World Bank for almost 600 million dollars. Photo from open sources

Ukraine signed agreements with the World Bank for almost 600 million dollars as part of a new initiative.

This was announced by Prime Minister Denys Shmyhal.

According to him, the agreement was agreed upon during the Spring Meetings in Washington.

«On November 4, the relevant agreements with the Bank were signed by the Ministry of Finance and the Ministry of Economy,» said Denys Shmyhal.

This new initiative, called «Sustainable, Inclusive and Ecologically Balanced Enterprise» (RISE), aims to support small and medium-sized businesses, promote the green transition, improve the business environment, digitize processes and help Ukrainian enterprises enter new markets. The project is scheduled to run until 2027, and the total amount of funding will exceed $1 billion.

«This will significantly strengthen the Ukrainian economy and strengthen Ukrainian small and medium-sized businesses to counter modern challenges,» he added.

Earlier it was reported that the World Bank allocates an additional 1.34 billion dollars to Ukraine. The main part of this financing package — 1.086 billion — is the funds of the Government of Japan. Others are grants from the USA, Switzerland and the Fund for Support, Reconstruction and Reform of Ukraine (URTF).