The World Bank has announced the launch of a new USD 593 million programme in Ukraine aimed at developing the private sector. This was reported by the World Bank’s press service.
‘The programme will support 20,000 small and medium-sized enterprises (SMEs) and help create or save at least 40,000 jobs through support programmes introduced by the Ukrainian government after the Russian invasion,’ the statement said.
The initiative, called RISE (Resilient, Inclusive and Competitive Enterprise), will improve support for small and medium-sized enterprises, particularly those focused on environmental competitiveness. The programme is designed to help improve the business environment through digital services on a government-to-business (G2B) model, and will provide SMEs with access to international markets. The Ministry of Economy of Ukraine is responsible for its implementation.
‘The RISE programme is part of the World Bank’s efforts to support the people of Ukraine and Ukrainian companies in the face of constant shelling, power outages and labour shortages. The programme is in line with the Government of Ukraine’s commitment to developing the private sector as the main driver of the country’s recovery and sustainable growth,’ said Bob Som, World Bank Regional Director for Eastern Europe.
RISE funding includes $283 million from the ADVANCE Ukraine Trust Fund supported by Japan, $300 million from the International Development Association’s (IDA) Special Programme for the Recovery of Ukraine and Moldova, and $10 million from the URTF, which is dedicated to supporting and rebuilding Ukraine.
