World Bank releases $290 mn for Ukraine to support small and medium-sized businesses

Ukraine has received $290 million from the World Bank under the RISE project (Resilient, Inclusive, and Sustainable Enterprise), the Ministry of Economy reports.

In November 2024, the World Bank announced a new $593 million program in Ukraine to strengthen the private sector. The program aims to support 20,000 small and medium-sized enterprises and create or preserve at least 40,000 jobs.

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

The latest $290 million tranche was disbursed based on achieving results in key program areas: facilitating small and medium business access to export markets, implementing environmental and social standards in entrepreneurship financing programs, and developing digital services for entrepreneurs and simplifying permit procedures.

Total planned financing under current agreements for the Program stands at $681 million. In 2024 alone, $250 million was already transferred to the state budget upon meeting corresponding indicators.

"Ukraine is successfully fulfilling its commitments to partners, which is why we are implementing large-scale programs to support entrepreneurship. The funds received will strengthen the budget and allow us to continue implementing support and development tools that are already working for small and medium businesses and industry. And we are grateful to the World Bank for this opportunity," said Oleksiy Sobolev, Minister of Economy, Environment and Agriculture of Ukraine.