World Bank to finance private sector of Ukraine for $593 million

The World Bank has launched a new $593 million program to support small and medium-sized enterprises (SMEs) in Ukraine. The RISE (Resilient, Inclusive, and Sustainable Enterprise) program aims to support 20,000 SMEs and preserve at least 40,000 jobs amid the ongoing war, according to the World Bank's website.

"The Resilient, Inclusive, and Sustainable Enterprise (RISE) Program for Results will improve the efficiency of state support to SMEs with a focus on green competitiveness. The program will enhance the business environment with government-to-business (G2B) digital services and enable SMEs to access export markets. Ukraine’sMinistry of Economy will be responsible for the program execution," the statement reads.

The funding consists of $283 million from the ADVANCE Ukraine trust fund (supported by Japan), $300 million from the International Development Association (IDA) Special Program for Ukraine and Moldova Recovery, and $10 million from the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF).

The funding may increase depending on the results achieved.

In July, the Ministry of Economy stated that the total loan amount could reach $1.03 billion over the 2024-2027 period, and the RISE project will finance expenses incurred under state support programs implemented by the Ministry of Economy, including the 5-7-9 and eRobota grant programs.

At the beginning of October, the World Bank established a new fund for Ukraine, with donors including the United States, Canada, and Japan.