The World Bank’s private sector division announced on Thursday, December 15, that it had begun a USD 2 billion support programme to assist the Ukrainian private sector and help it get ready for reconstruction.
The new Economic Resilience Action Program for Ukraine, according to the International Finance Corp, comprises up to $1 billion from IFC’s own account, with further financing subject to assurances from donor governments.
In a conference last month, IFC’s regional manager Lisa Kaestner had stated that this support would be extended over the following 18 to 24 months.
As of September 2022, 11% of enterprises in Ukraine had closed as a result of the conflict, according to the central bank of the nation. More than half, the bank continued, were running at or below capacity.
‘The Ukrainian private sector has demonstrated unprecedented resilience in the face of this war,’ said IFC Managing Director Makhtar Diop.
‘Supporting that resilience and continuing to build private sector capacity is a priority for us. Deploying capital during this extraordinary time is essential to keep businesses and vital services running, and, when the time is right, prepare for the massive reconstruction efforts to come,’ Diop said.
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