Ukraine will launch a new $593 million project focused on “green competitiveness” to support small and medium-sized enterprises (SMEs), potentially helping them create or preserve 40,000 jobs.
The financing agreement for the “Resilient, Inclusive and Sustainable Enterprise Program” (RISE) was signed by Ukraine’s Ministry of Finance, the Ministry of Economy and the World Bank, the Ministry of Finance reported in its Monday press release.
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The World Bank said the program would support 20,000 SMEs and help secure at least 40,000 jobs. It said RISE could also improve the efficiency of state support to SMEs.
The project’s funding can reach $1 billion over the next three years. Its key aim is to solve problems that “hinder the resilience, growth and sustainable development of the private sector.”
“The program will enhance the business environment with government-to-business (G2B) digital services and enable SMEs to access export markets,” the World Bank’s press release says.
Financing for RISE comprised the following:
- $283 million from the Japan-supported ADVANCE Ukraine trust fund
- $300 million from the International Development Association (IDA) Special Program for Ukraine and Moldova Recovery
- $10 million from the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF).
“Under the $283 million loan agreement, Ukraine will be able to receive this funding by the end of 2024,” read the press release by Ukraine’s Ministry of Finance.
The program is results-based financing that can be scaled up as additional funds become available, the so-called Programme-for-Results (PforR) financial instrument.
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