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Generous support from the World Bank for the Ukrainian private sector… two billion dollars

Economie

Generous support from the World Bank for the Ukrainian private sector… two billion dollars

The International Finance Corporation, a subsidiary of the World Bank dedicated to supporting investors, has provided an aid package to the Ukrainian private sector worth $2 billion.

The foundation said in a statement that this aid is supposed to “meet the immediate needs of the private sector, which was devastated by the war, and help prepare for reconstruction.”

The Foundation will finance half of the aid package, while the other half will depend on the guarantees given by donor governments.

According to data from the Central Bank of Ukraine, 11% of Ukrainian companies have been forced to close since the start of the Russian invasion. According to the Ukrainian Ministry of Economy, the sector has lost five million jobs since the start of the conflict.

The Foundation added that “many companies maintain jobs, as well as services and basic commodities, but they need financing to continue their operations.”

The institution indicated that it had signed an agreement earlier this week with the Ukrainian government to give it strategic advice with the aim of rebuilding its economy and implementing reforms to its banking sector.

Since the start of the conflict, the country has received significant financial support from the international community, led by the United States, on the military and financial levels.

Donor countries agreed at an international conference held in Paris on Tuesday to provide more than one billion euros to Ukraine with the aim of supporting the population to withstand the winter season, at a time when Russian strikes destroyed energy facilities in the country.

Since the conflict began, the World Bank has provided about $18 billion to the Ukrainian government to allow it to maintain basic public services.

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