Ukraine has signed an agreement with the World Bank to allocate almost $600 million to strengthen its economy, Prime Minister Denis Shmygal said on his Telegram channel.
We are talking about a new project “Sustainable, Inclusive and Environmentally Sustainable Entrepreneurship” (RISE), aimed at supporting small and medium-sized businesses, the green transition, improving the business environment, digitalization and facilitating entry into new markets. The project is scheduled until 2027 and in total it is expected to allocate up to one billion dollars.
In early October, the World Bank Board of Executive Directors approved the creation of a Financial Intermediary Fund (FIF) to support Ukraine. According to Reuters, contributions should come from the United States, Canada and Japan. This decision will allow the G7 countries to provide kyiv with additional financing worth up to $50 billion by the end of 2024, sources told the agency. At the same time, the funds contributed to the fund will be obtained from the profits of frozen Russian assets.
Russia condemns support for Kyiv by Western states. Moscow insists that such actions will only prolong the conflict and will not change its outcome. In addition, the Russian authorities consider the transfer of income from their assets to help Ukraine, as well as any other actions with them, as theft, RBC reminds.
