The World Bank will provide Ukraine with over $1 billion to support businesses.

Ukraine has signed agreements for $600 million in support from the World Bank as part of a new program aimed at aiding Ukrainian businesses. The total amount planned for the program is expected to reach $1 billion, reported on Monday, November 4, by Prime Minister Denys Shmyhal.

According to Denys Shmyhal, Ukraine has agreed to launch the program "Resilient, Inclusive, and Environmentally Balanced Entrepreneurship" (RISE) during the Spring Meetings in Washington, which took place from April 17 to 19, 2024. The first agreements under the program were signed on November 4 by the Ministry of Finance, the Ministry of Economy, and the World Bank.

The program aims to support small and medium-sized enterprises and enhance the business environment in Ukraine. Additionally, the project plans to accelerate the "green transition" processes—an energy initiative that will promote the development of renewable energy sources in Ukraine.

"The project is set to run until 2027, with a total planned amount for the program exceeding $1 billion. This will significantly strengthen the Ukrainian economy and bolster small and medium-sized businesses in facing contemporary challenges," stated Denys Shmyhal.

It is noteworthy that the Ministry of Economy reported at the end of October that the RISE initiative is a project aimed at addressing the challenges of private sector development. The goals of the project include:

• enhancing the effectiveness of state support for small and medium-sized enterprises with an emphasis on "green" competitiveness;
• improving the business environment and digital services;
• facilitating business access to export markets.

The exact start date of the program has not been specified.