In the presence of Prime Minister of Ukraine Denys Shmyhal, a $350 million loan agreement between Ukraine and the International Bank for Reconstruction and Development (IBRD) was signed on June 25 for the First Economic Recovery Development Policy Loan.
The agreement was inked by Minister of Finance of Ukraine Serhii Marchenko and Senior Country Officer at the World Bank in Ukraine Klavdiya Maksymenko.
As the Prime Minister stressed, a $350 million loan will be directed to the recovery and development of economy during the pandemic, to social support for vulnerable groups, as well as to strengthen state institutions.
"Due to these funds, we will be able to implement systemic projects for the fair development of the land market, continue the reform of the gas sector, as well as strengthen the credit market. Restoration of economic growth and modernization of the Ukrainian economy amid pandemic require special policies and resources. And we are grateful to our partners from the World Bank for helping Ukraine and the Ukrainian people," Denys Shmyhal underscored.
The Head of Government thanked the World Bank specialists involved in the implementation of various projects in Ukraine and expressed confidence that a fruitful dialogue and cooperation between Ukraine and the World Bank will continue to develop.