Ukraine to receive $88 mln from Japan through World Bank to support private sector
Ukraine will receive $88 million in financing under the World Bank's "Resilient and Inclusive Supply Chain Enhancement" (RISE) project to support the private sector, the funds are provided at the expense of a guarantee from the Japanese government from the International Bank for Reconstruction and Development (IBRD).
"As a result of the conclusion of the above-mentioned agreement, it is planned to attract $80 million to the general fund of the state budget ($8 million - capitalization of interest on the loan, which will be used to pay a one-time fee and a commitment fee)," the Ministry of Finance said in a press release on Tuesday.
According to it, the signatory of the loan agreement from Ukraine was Oleksiy Sobolev, Minister of Economy, Environment and Agriculture of Ukraine, and Bob Saum, Regional Director for Eastern Europe, from the World Bank.
The RISE project is aimed at solving critical problems that hinder the resilience, growth and sustainable development of the private sector. The implementation of the project is planned for 2024-2027. The total amount of financing for the implementation period is planned to be more than $1 billion, of which $593 million has been pre-allocated.
The Ministry of Finance also emphasized that the total budget assistance from Japan attracted through the World Bank mechanisms has exceeded $8.7 billion since February 2022.