Ukraine has received $235 million in concessional financing from the Government of Japan as part of new World Bank systemic projects: Sustainable, Inclusive, and Environmentally Balanced Entrepreneurship (RISE) and Enhancing Accessibility and Resilience of Education in Ukraine's Crisis (LEARN).
Under the RISE project, $130 million in loans were provided to address critical issues hindering the resilience, growth, and sustainable development of the private sector.
The $105 million allocated to the LEARN project supports the safe in-person schooling in Ukraine by providing subsidies for shelters and school buses in 2024. The key objective of the program is to improve the educational process during martial law by creating safe and comfortable conditions for both teachers and students.
Ukrainian Finance Minister Serhiy Marchenko expressed gratitude to the Government of Japan and the World Bank team for their cooperation in mobilizing essential funds to support key sectors of the economy. Since February 2022, Japan's financial assistance through the Bank's mechanisms has reached nearly $6 billion. The funding from LEARN and RISE will improve educational conditions and enhance business support in the context of the full-scale war.
The projects are implemented using the Program-for-results (PforR) financial instrument, with the allocated funds being linked to Ukraine’s achievement of certain milestones.
Deputy Finance Minister Olga Zykova emphasized that these projects are crucial for restoring and developing the country’s functionality during the war, as they help fund and improve key government initiatives, including business support and the education sector.
By the end of 2024, Ukraine expects to receive an additional $120 million and $95 million from the RISE and LEARN projects, respectively.
