The World Bank has announced the launch of a new private sector development programme in Ukraine worth US$593 million.
According to the World Bank's press service, these funds will support 20,000 small and medium-sized enterprises. As a result, at least 40,000 jobs will be created or saved through support programmes introduced by the Ukrainian government after the Russian invasion.
The Resilient, Inclusive and Sustainable Entrepreneurship (RISE) programme will improve the effectiveness of state support for enterprises with a focus on green competitiveness. The Ministry of Economy of Ukraine will be responsible for implementing the programme.
Funding for the programme consists of USD 283 million from the ADVANCE Ukraine Trust Fund supported by Japan, USD 300 million from the International Development Association's (IDA) Special Programme for the Recovery of Ukraine and Moldova, and USD 10 million from the Ukraine Recovery, Rehabilitation and Transition Trust Fund (URTF).
The programme's funding is results-based, so it can be increased depending on the receipt of funds.