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Ukraine and World Bank Launch $600 Million Program for Sustainable Business Climate

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Vlad Litnarovych
Vlad Litnarovych
Author
Ukraine and World Bank Launch $600 Million Program for Sustainable Business Climate
Ukraine Prime Minister Denys Shmyhal delivers a speech at the opening of the Ukraine Mine Action Conference in Lausanne, western Switzerland, on October 17, 2024. (Source: Getty Images)

Ukraine signed agreements with the World Bank for nearly $600 million in funding as part of a new initiative aimed at supporting sustainable economic growth and the development of small- and medium-sized enterprises (SMEs), reported Ukrainian PM Denys Shmyhal on October 4.

The partnership follows discussions at the Spring Meetings in Washington and was officially signed by Ukraine’s Finance and Economy Ministries.

The new program, called “Resilient, Inclusive, and Sustainable Entrepreneurship” (RISE), will focus on strengthening Ukraine’s SMEs, supporting green economic transition, improving the business climate, advancing digitalization, and helping local businesses reach new markets.

The RISE project will run through 2027 with a planned total budget of over $1 billion.

“This partnership will significantly strengthen the Ukrainian economy and bolster our small and medium businesses to better withstand today’s challenges,” a Ukrainian PM said.

“I am grateful to World Bank President Ajay Banga, Managing Director Anna Bjerde, and Regional Country Director Bob Saum for their continued involvement and support to Ukraine in times of war,” Shmyhal added.

Earlier, Japan extended financial assistance to Ukraine amounting to more than $3 billion through a G7 credit scheme funded by income from frozen Russian assets.

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