Ukraine and the World Bank are implementing a new project RISE to support the private sector. Relevant agreements totalling almost $600 million have been signed

Today, on 4 November, the leadership of the Ministry of Finance of Ukraine, the Ministry of Economy of Ukraine and representatives of the World Bank signed financing agreements under the new systemic project Resilient, Inclusive and Sustainable Enterprise Program (RISE) with a total amount of USD 593 million. 

The Agreements were signed by Minister of Finance of Ukraine Sergii Marchenko,First Deputy Prime Minister of Ukraine - Ministerof Economy of Ukraine Yuliia Svyrydenko and World Bank Country Director for Eastern Europe Bob Saum. 

The RISE PforR project aims to address critical issues that hinder the resilience, growth and sustainable development of the private sector. The Project will be implemented in 2024-2027. The total amount of funding for the implementation period is planned to be more than USD 1 billion.

RISE is the second project with the World Bank to be implemented using the Programme-for-Results (PforR) financial instrument. Part of the PforR is aimed at reviewing and supporting results in the following areas:

• improved efficiency of state support to SMEs, with a focus on green competitiveness; 

• improving the business environment and Government-to-Business digital services;

• ensuring access of SMEs to export markets. 

The Minister of Finance signed two Agreements envisaging the attraction of about USD 583 million under the RISE PforR. Under the USD 283 million Loan Agreement, Ukraine will be able to receive this funding by the end of 2024.

“Ukraine's cooperation with the World Bank is an exceptionally significant contribution to the stabilisation of the country's economy in the face of major uncertainties and constant challenges. Launching and implementing joint programmes helps us to meet the urgent needs of our citizens in the areas of life and welfare. The new RISE project will help the Government to make the business support process more efficient, in particular by creating a favourable and viable business environment in Ukraine”, said Sergii Marchenko. 

In addition, the Project includes the investment component (IPF), which provides technical assistance for institutional and organisational strengthening, capacity building, and advisory support to institutions responsible for implementing the Project's indicators. 

The Ministry of Economy is the responsible implementing agency of the IPF RISE. Within the framework of the IPF, the Ministry of Economy and the World Bank signed a USD 10 million grant agreement under theUkraine Relief, Recovery, Reconstruction, and Reform Multi-Donor Trust Fund(URTF). 

On 31 October 2024, the World Bank's Board of Directors approved the RISE systemic project in Ukraine.