Representatives of the Ministry of Finance and the World Bank Discussed Future Joint Financial Projects

On April 5, Finance Minister Sergii Marchenko had a video conference with Anna Bjerde, World Bank Vice President for Europe and Central Asia, within the framework of the Annual Spring Meeting of the IMF and the World Bank.

The Minister of Finance and the Vice President of the World Bank discussed the plans for the near future on the preparation of the launch of five new joint projects. The Board of Directors of the World Bank will discuss the financing of the following projects: "COVID-19 Emergency Response and Vaccination in Ukraine", "Improvement of higher education in Ukraine for the sake of results", "Kyiv city mobility", "Installation of hybrid systems for producing energy in JSC "Ukrhydroenergo" and additional financing of the project "Access to long-term financing" with Ukreximbank. 

"I am very grateful to the World Bank for its efforts to implement many important projects and assistance in combating the Coronavirus crisis last year", Sergii Marchenko said.

The International Bank for Reconstruction and Development (IBRD) portfolio has the biggest amount of funds as compared to other international financial institutions according to the data of the Ministry of Financе - as of January 1, 2021, it amounted to USD 693.55 million. It is 2.3 times higher than a year ago. 

In addition, Sergii Marchenko discussed with Anna Bjerde the possibilities of increasing Ukraine's support in the fight against COVID-19 and new investment projects for the development of transport infrastructure in Ukraine.

"This year two common road construction projects are coming to an end. That is why we would like to continue our successful work in this direction and talk about preparing a new project for Ukravtodor”, Minister said.

Both sides commented on Ukraine's progress in land reform and expect the finalization of the review of the current program with the IMF in the near future. 

It was also noted that the current Partnership Strategy of the World Bank and Ukraine 2017-2021 expires in June 2021. It means that it is time to start a systematic analysis of the country to identify key priorities for the next four-year Partnership Strategy.