Ukraine is set to receive an additional $600 million from the World Bank, with Shmyhal revealing the specific details.

Ukraine has signed agreements with the World Bank totaling nearly $600 million. The funds will be provided under a new financial support program for Ukraine.

This was reported by RBK-Ukraine, citing Telegram from Ukrainian Prime Minister Denys Shmyhal.

According to the Prime Minister, the initiation of the program was agreed upon during meetings at the Spring Meetings in Washington in April. Today, on November 4, the relevant agreements with the World Bank were signed by the Ministry of Finance and the Ministry of Economy of Ukraine.

The project, titled "Resilient, Inclusive, and Environmentally Sustainable Entrepreneurship" (RISE), aims to support small and medium-sized enterprises, promote a green transition, enhance the business environment, facilitate digitalization, and encourage entry into new markets.

The project is planned to continue until 2027, with a total allocated budget of over $1 billion.

"This will significantly strengthen the Ukrainian economy and bolster Ukrainian small and medium-sized businesses to counter modern challenges. I thank World Bank President Ajay Banga, Managing Director Anna Bjerde, and Regional Director Bob Somu for their ongoing engagement and support for Ukraine amidst the war," Shmyhal noted.

World Bank Assistance

Recall that in February of this year, we reported that the Ministry of Economy of Ukraine and the World Bank are working to attract $500 million. These funds will be directed towards financing projects that support Ukrainian businesses.

In early December 2023, the World Bank announced that Ukraine will receive $1.2 billion in financial support. The funds will be allocated under the guarantees of the Japanese government and will support 29 social assistance programs for the most vulnerable segments of the population.

In March, the World Bank allocated $1.5 billion for the development and recovery of Ukraine.