World Bank launching new private sector development program worth $593M in Ukraine

The relevant statement was made by the World Bank’s press service, an Ukrinform correspondent reports.

“The World Bank announced today [October 31 – Ed.] that a new private sector development program in the amount of USD 593 million will launch in Ukraine to support 20,000 small and medium-sized enterprises (SMEs), and help them create or preserve at least 40,000 jobs through their participation in support programs deployed by the Government of Ukraine since Russia’s invasion,” the report states.

The Resilient, Inclusive, and Sustainable Enterprise (RISE) Program for Results will improve the efficiency of state support to SMEs with a focus on green competitiveness. The program will enhance the business environment with government-to-business (G2B) digital services and enable SMEs to access export markets. The Ukrainian Economy Ministry will be responsible for the program execution.

“The RISE Program is part of the World Bank’s efforts to support the people and firms of Ukraine amid constant disruptions, power cuts, and labor shortages. The program bolsters the Government of Ukraine’s focus on private sector development as the primary engine of reconstruction and sustainable growth,” World Bank Country Director for Eastern Europe Bob Saum noted.

Financing for RISE includes USD 283 million from the Japan supported ADVANCE Ukraine trust fund, USD 300 million from the International Development Association (IDA) Special Program for Ukraine and Moldova Recovery, and USD 10 million from the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF). The program is results-based financing that can be scaled-up as additional funds become available.

A reminder that the World Bank and the International Finance Corporation (IFC) are planning to expand their presence in Ukraine, focusing on the restoration of housing and critical infrastructure.

Photo: Ukrainian Agrarian Policy and Food Ministry