On November 7, Ukraine and the International Bank for Reconstruction and Development (IBRD) signed a grant and loan agreement within the framework of the World Bank’s project titled Awakening - Relevant - Innovative - Scalable - Equitable (ARISE).
This follows from a statement by the Ministry of Finance, the Ukrainian News agency reports.
The financing of the project consists of a loan from the World Bank in the amount of USD 230 million from the Trust Fund for Providing Ukraine with the Necessary Credit Support (ADVANCE Ukraine), supported by the Government of Japan, and a grant in the amount of USD 320 million from the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF).
The project aims to support the access of agricultural producers to financing through preferential lending and grants.
A total of USD 500 million from the total amount of funds will be directed to finance the State program Affordable Loans 5-7-9% in 2023-2024 with a focus on agricultural enterprises.
The raised funds will allow to reduce the cost of borrowing for farmers despite the war so that they can continue agricultural production.
This project component will be implemented by the Entrepreneurship Development Fund.
Agricultural producers will also have the opportunity to receive grants for which about 50 million US dollars are provided within the framework of ARISE.
As the Ukrainian News agency earlier reported, on October 11, the state budget of Ukraine received a grant from the United States of America in the amount of USD 1.15 billion through the Multi-Donor Trust Fund of the World Bank.
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