Ukraine and the World Bank have agreed on a new support project worth $750 million.

Finance Minister Serhiy Marchenko and World Bank Regional Director for Eastern Europe Bob Som have signed financial agreements under the new systemic project "Support for Reconstruction through Smart Fiscal Management" (SURGE). 

This was reported by the press service of the Ministry of Finance. 

"The implementation of the SURGE project will assist the Government of Ukraine in enhancing the management of public investments, making it more efficient and transparent. This is a significant step towards further meeting the recovery needs of Ukraine," – stated the minister. The total planned funding for the project is $750 million. 

A loan agreement was signed with the International Bank for Reconstruction and Development (IBRD) for $450 million from the ADVANCE Ukraine targeted fund, supported by the Japanese government. Additionally, a credit agreement for $300 million was established under the Special Program (SPUR) of the International Development Association (IDA) for the reconstruction of Ukraine and Moldova.

It is expected that by the end of 2024, Ukraine will receive $400 million from the IBRD.

Furthermore, the parties have signed a grant agreement for the investment component "Strengthening Government Capacity for Fiscal Reform Implementation" (STRONG) for $10 million from the Multi-Donor Targeted Fund for Support, Recovery, Reconstruction, and Reforming Ukraine (URTF). The STRONG project aims to support the effective implementation of institutional reforms within SURGE.

Earlier, Mind reported that the World Bank announced the launch of a new business support program in Ukraine worth $593 million.