The Ministry of Economy of Ukraine and the World Bank are working to mobilise USD 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 would like to thank the World Bank for supporting Ukraine during the war. This year, they plan to approve funding for programmes to support Ukrainian businesses to the tune of USD 500 million.

And this is very relevant for us, as the Government is currently working to combine all relevant programmes under a single brand, Made In Ukraine, to increase their effectiveness. We need to synchronise 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," said Yuliia Svyrydenko, First Deputy Prime Minister of Ukraine and Minister of Economy of Ukraine.

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

The two sides also focused on the modernisation of the 5-7-9% affordable loans programme and the possibilities of encouraging Ukrainian banks to increase their lending to businesses.

"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.