The World Bank has announced the launch of a new $593 million programme in Ukraine to support private sector development.
The World Bank's press service reported the news.
"This programme will support 20,000 small and medium-sized enterprises (SMEs) and help create or retain at least 40,000 jobs through support programmes implemented by the Ukrainian government after Russia's invasion," the statement said.
The Resilient, Inclusive, Sustainable Entrepreneurship (RISE) programme aims to enhance government support for SMEs with a focus on green competitiveness. The programme will improve business conditions through digital services in line with the "government to business" (G2B) model and provide SMEs with access to export markets. The Ministry of Economy of Ukraine will be responsible for implementing the programme.
"The RISE programme is part of the World Bank's efforts to support the people of Ukraine and Ukrainian businesses amid ongoing shelling, power outages, and labor shortages. The programme aligns with the Ukrainian government’s goal of developing the private sector as a primary driver of recovery and sustainable growth for the country," said Bob Som, the World Bank's Regional Director for Eastern Europe.
The RISE programme’s funding consists of $283 million from the ADVANCE Ukraine trust fund, supported by Japan; $300 million from the International Development Association’s (IDA) Special Programme for the recovery of Ukraine and Moldova; and $10 million from the Ukraine Recovery, Reconstruction, and Reform Support Fund (URTF). The programme includes results-based financing, with potential for additional funds if further resources become available.
