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World Bank plans to disburse $ 500 million to support Ukrainian business in 2024

byOlena Mukhina
16/02/2024
2 minute read
World Bank’s logo on a building. Photo: Depositphotos
World Bank plans to disburse $ 500 million to support Ukrainian business in 2024

In an effort to bolster the Ukrainian economy targeted by the Russian war, the country’s Ministry of Economy and the World Bank have joined efforts to mobilize $500 million in funding for projects aimed at supporting Ukrainian businesses in 2024. Discussions on this matter took place during a meeting led by Arup Banerji, the World Bank Regional Country Director for Ukraine and Moldova.

The ongoing Russian military aggression has left Ukraine’s economy in shambles, forcing numerous enterprises to evacuate from conflict zones or shut down operations. Logistics disruptions and employee mobilization to the frontlines further exacerbate the economic challenges. According to Forbes, the fallout is evident in economic figures, with the combined wealth of Ukraine’s top 20 wealthiest individuals plummeting by over $20 billion in the first year of the war.

During the meeting, Minister of Economy Yuliia Svyrydenko said that the Ukrainian government is currently working to combine all business programs under a single brand, Made In Ukraine, to increase their effectiveness.

“We need to synchronize all areas of business incentives and focus more on supporting priority industries that generate additional GDP, including support for the processing industry and businesses that work for export,” the minister added. 

The parties also discussed ways to increase Ukraine’s export potential, the possibility of attracting World Bank financing for the implementation of the eOselia soft loan program, and expanding the Export Credit Agency’s capabilities in war risk insurance, including for small and medium-sized businesses.

In addition, Svyrydenko said that the Ukrainian delegation agreed to engage the World Bank’s expertise to modernize the country’s strategy for the recovery of its economy in the future.

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