The Ministry of Economy of Ukraine and the World Bank are working to mobilise $500 million to finance projects to support Ukrainian businesses in 2024. This issue was discussed during a meeting between the team of the Ministry of Economy of Ukraine and the World Bank mission headed by Arup Banerji, the World Bank Regional Country Director for Ukraine and Moldova.
“I extend my gratitude to the World Bank for its support of Ukraine during this challenging time. This year, they are set to approve funding of $500 million for programs aimed at bolstering Ukrainian businesses. This initiative holds particular significance for us, as the Government is currently consolidating all relevant programs under the unified brand ‘Made In Ukraine’ to enhance their impact. Our goal is to align all business incentives and place a stronger focus on supporting priority industries that contribute significantly to GDP growth. This includes backing for the processing industry and businesses engaged in export activities,” stated Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine.
During the meeting, discussions centered on strategies to boost Ukraine’s export capabilities, including the prospect of securing World Bank funds to support the eOselia soft loan initiative and enhancing the Export Credit Agency’s offerings in war risk insurance for small and medium-sized enterprises. An additional focus was on updating the affordable loans program with rates of 5-7-9%, aiming to motivate Ukrainian banks to amplify their loan services to businesses. Moreover, the exchange of Business Cards facilitated networking and future collaboration among attendees.
“We heard from our colleagues from the World Bank a number of practical tips on how to boost the Ukrainian economy, both now during the war and for planning a more intensive recovery in the post-war period, as well as on the transition to a post-industrial development model. We have agreed to engage the World Bank’s expertise to modernise our strategy for the recovery of the Ukrainian economy in the future,” summarised Yuliia Svyrydenko. (Government portal/Business World Magazine)
