Ukraine to receive USD 88 million from the Government of Japan under the World Bank’s RISE Project to support the private sector

Ukraine will receive USD 88 million under the World Bank’s Resilient, Inclusive and Sustainable Enterprise (RISE) project to support the private sector. The funds are provided by the International Bank for Reconstruction and Development (IBRD) under a guarantee from the Government of Japan.

The loan agreement was signed by Minister of Economy, Environment and Agriculture of Ukraine Oleksii Sobolev - on behalf of Ukraine, and World Bank Regional Director for Eastern Europe Bob Saum - on behalf of the World Bank.

As a result of this agreement, USD 80 million is expected to be mobilized to the General Fund of the State Budget (USD 8 million will be allocated for interest capitalization to cover the one-time fee and commitment fee). 

The RISE Project aims to address critical challenges that hinder the resilience, growth, and sustainable development of the private sector. Implementation is planned for 2024-2027, with a total financing envelope of over USD 1 billion, of which USD 593 million has already been allocated.

“Ukraine’s cooperation with the World Bank and the support of the Government of Japan are an invaluable contribution to stabilizing the economy during wartime. Through World Bank mechanisms, budgetary support from Japan has amounted to more than USD 8.7 billion since February 2022. The joint RISE Project is helping create a more efficient and favorable environment for business development in Ukraine,” noted Minister of Finance Serhii Marchenko following the signing of the Agreement.

RISE is a World Bank project implemented through the “Program-for-Results” (PforR) financing instrument. The PforR component focuses on reviewing and supporting progress in the following areas: enhancing the efficiency of SME support, with an emphasis on green competitiveness; improving the business environment and digital government services for businesses; expanding SME access to export markets.