On September 7, representatives of the Ministry of Finance of Ukraine and the World Bank reviewed the World Bank’s project portfolio. The review was led by Deputy Minister of Finance of Ukraine Olga Zykova and World Bank Manager in Ukraine Gevorg Sargsyan. The review took place for the first time since 2021.
In total, the event was attended online and offline by about 100 representatives of beneficiary institutions and government institutions: Ministry for Communities, Territories and Infrastructure Development, Ministry of Social Policy, Ministry of Health, Ministry of Education and Science, Ministry of Energy, State Agency for Restoration and Infrastructure Development, NPC Ukrenergo, PJSC Ukrhydroenergo and JSC Ukreximbank.
The parties discussed the current state of preparation and implementation of joint projects, as well as agreed on an action plan for the next period, and considered problematic issues within the projects.
Deputy Minister of Finance of Ukraine Olga Zykova expressed gratitude to the Bank’s representatives for their unprecedented support: “From the first days of the full-scale war, the World Bank has supported Ukraine by mobilizing the necessary resources to maintain financial stability in the country. The Bank has also demonstrated flexibility and adaptability to extraordinary conditions, which helped to quickly make and implement decisions to help Ukraine. In 2022-2023, the volume of the World Bank’s ongoing project portfolio is the largest in all the years of cooperation.”
The portfolio of joint projects with the World Bank consists of 20 ongoing projects totalling more than $5.5 billion and EUR 1 billion in loans and more than $20 billion in grants, including within the PEACE in Ukraine, SDPL, Re-Power, RELINC and Heal projects.
In terms of budget support, Ukraine has already received and disbursed more than $25 billion in loans and grants as part of the financial resources mobilized by the World Bank through the Trust Funds, including the PEACE in Ukraine project.
Over the past year and a half, 4 new framework investment projects have been launched: Halth Enhancement and Life-saving (Heal Ukraine), Repairing Essential Logistics Infrastructure & Network Connectivity (RELINC), Restoration Project of Winterization and Energy Resources Ukraine (Re-Power) and Housing Repair for People’s Empowerment (HOPE).
A framework project for the social sector is being prepared.
The World Bank’s efforts also led to the creation of the Multi-Donor Trust Funds, the URTF (Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund) and other financial mechanisms that allow development partners to co-finance framework projects or provide budgetary support to Ukraine through grant contributions or loan guarantees. (Government portal/Business World Magazine)
