World Bank to finance Ukrainian business with over US$500 mln

Stock photo: Getty Images

The World Bank is launching a new program to support small and medium-sized businesses in Ukraine, with the program itself being worth US$593 million.

Source: World Bank 

The funding consists of US$283 million from the ADVANCE Ukraine trust fund (supported by Japan), US$300 million from the International Development Association (IDA) Special Program for Ukraine and Moldova Recovery, and US$10 million from the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF). 

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The Resilient, Inclusive, and Sustainable Enterprise (RISE) Program aims to support 20,000 small and medium-sized enterprises and is expected to preserve at least 40,000 jobs amid the war. 

Reportedly, the funding may increase depending on the results achieved.

Background: As at the beginning of this year, the World Bank expects the Ukrainian economy to grow by 3.2% by the end of 2024.

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