The World Bank has approved the ARISE project, which stands for the Ukraine Agriculture Recovery Inclusive Support Emergency, to provide grants and so-called soft loans for 90,000 Ukrainian farmers, it said in a statement.
The bank said that the project will help farmers mobilise about USD 1.5 billion in working capital for farmers and provide grants to small farms for agricultural production.
The World Bank’s financial contribution consists of:
- USD 230 million from the ADVANCE Ukraine Trust Fund, supported by the government of Japan
- USD 320 million from the Ukraine Recovery Trust Fund
- An additional USD 150 million provided that the World Bank and donors have the funds
"The ARISE Project will help thousands of Ukrainian farms, including many small ones, to continue producing in what are certain to be extremely challenging conditions in the months ahead," Antonella Bassani, World Bank Regional Vice President for Europe and Central Asia, was quoted as saying.
The ARISE project will be implemented by Ukraine’s Business Development Fund and the ministry of agrarian policy and food.
It is the fifth World Bank project approved for Ukraine this year through a new model, designed to mobilise emergency funding as soon as practicable and scale it up if needed.
The cost of Russia’s invasion on the agriculture sector stood at USD 40.2 billion in February, a number that has likely increased since, per World Bank estimates.