The International Bank for Reconstruction and Development provided $88 million to support Ukrainian businesses
The Ministry of Economy and the International Bank for Reconstruction and Development (IBRD) signed an agreement on a loan for 88 million dollars within the framework of the Program “Sustainable, inclusive and ecologically balanced entrepreneurship” (RISE), aimed at supporting small and medium-sized enterprises (SMEs).
The Minister of Economy, Environment and Agriculture of Ukraine Oleksiy Sobolev and the Regional Director of the World Bank for Eastern Europe Robert Som took part in the solemn signing.
“The conclusion of an additional Loan Agreement will allow $88 million to be directed to the implementation of such business support programs as affordable loans “5-7-9″, grants for processing enterprises, programs for reimbursement of the cost of agricultural machinery, stimulation of industrial parks. We are grateful to the World Bank for additional funding that will contribute to economic recovery, support of SMEs, job creation and the implementation of further systemic reforms, – noted the Minister of Economy, Environment and Agriculture of Ukraine Oleksiy Sobolev.
The financing of the program is carried out according to the results-oriented model (Program for Results – PforR). This means that funds are allocated in accordance with the achievement of clearly defined and agreed indicators with the World Bank. This approach ensures effective use of funding for real results, including growth in the number of business loans issued, increased support for women-led enterprises, and a proven increase in investment in green technologies.
We would like to remind you that in November 2024, Ukraine and the World Bank concluded three main agreements, which launched the RISE Program and ensured the beginning of the selection of financing in the amount of 593 million dollars. These funds were intended to support SMEs so that they could resume their activities, adapt to new conditions, obtain the necessary liquidity and working capital, which is especially important for companies that have suffered the consequences of war. The program is also aimed at promoting environmentally responsible entrepreneurship, increasing the effectiveness of state support programs, and expanding SME access to international markets.
