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WASHINGTON, May 28, 2021 – The World Bank Executive Board today approved an additional $100 million investment in the country’s reaction to COVID-19 as a component of Ukraine’s allocation to long-term financing.
Ukreximbank (UEB), which is owned by the state of Ukraine, is a borrower and company for the implementation of the Bank’s ongoing allocation, Access to Long-Term Financing, and the additional budget will be used through UEB to provide loans to small and medium-sized enterprises. companies (SMEs) affected by the Covid-19. La pandemic focuses on offering longer-term sub-loans than those in the market lately.
“Over the years, the World Bank has supported small and medium-sized enterprises, which are expected to be the backbone of the Ukrainian economy. These new Ukreximbank loans will create jobs, increase competitiveness and help Ukrainian companies locate new consumers abroad, increase their income and assistance will reduce poverty as Ukraine recovers from the pandemic,” said Arup Banerji, Regional Director of the World Bank for Eastern Europe.
Implemented since the summer of 2018, the allocation of access to long-term financing of $150 million underway has already had a positive effect on the Ukrainian SME sector. More than 50 marketers across Ukraine had already won monetary aid for the allocation. most SMEs attended through allocation tables in the agriculture and food processing sectors, where Ukrainian exporters have comparative herbal benefits and SMEs dominate historically.
The allocation also provided loans to corporations in production industries: production mining appliances and refrigerators, dental and electrical appliances, plastic packaging, wood processing, carpet weaving, etc. The allocation helped these SMEs compete with giant corporations.
The current portfolio of World Bank investment projects in Ukraine is approximately $3. 3 billion, in 11 ongoing investment projects and a results program operation. Investments in the improvement of fundamental public facilities that directly gain advantages for ordinary citizens in spaces such as water supply, sanitation, heating, electricity, energy efficiency, roads, social protection, education and health, as well as personal sector development. Since Ukraine joined the World Bank in 1992, the Bank’s commitments to the country have added more than $13 billion in approximately 70 projects and programs.