The World Bank approved $3.39 billion for Ukraine to develop business and create jobs
The World Bank's Board of Executive Directors approved the First Development Policy Program "Jobs in Ukraine and Private Sector Growth" (DPO), aimed at supporting the Ukrainian government's reforms, attracting private investments, addressing labor shortages, and deepening economic integration with European markets.
The total financing amount for the first phase of the program will be $3.39 billion. The package includes a World Bank loan of $1.04 billion, credit enhancement of $540 million from the ADVANCE Ukraine Trust Fund supported by the Government of Japan, guarantees of $500 million from the Government of the United Kingdom, and a grant of $2.35 billion from the F.O.R.T.I.S. Financial Intermediation Fund.
The program envisages support for reforms in three main areas. The first concerns creating conditions for financing and investments from the private sector, including through reforming the regulatory framework governing public-private partnerships and financial intermediation for small and medium enterprises, as well as efforts to advance the privatization program.
The second direction involves attracting qualified labor to jobs through reforms in housing policy modernization, entrepreneurship development among veterans, encouraging women's participation in the labor market, and reducing skill mismatches with requirements.
The third reform block involves promoting cross-border market integration by enhancing payment transparency to support agriculture, integrating electricity market institutions with the EU, and aligning environmental monitoring requirements.
It was also noted that to reduce poverty and expand economic opportunities, the World Bank Group aims to help countries create more and better jobs. In all our projects, we help build the foundations for growth, strengthen conditions for private sector development, and mobilize private investments where they are most needed.
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