The World Bank has approved a $3.39 billion financing program for Ukraine. The funds will be used for government reforms that should help attract investment to Ukrainian businesses, create new jobs, and address the worker shortage.
The program includes financing in the form of loans and grant assistance, with support from international partners, including Japan and the United Kingdom. One of the main areas of financing will be supporting the private sector. This includes creating better conditions for investors, supporting small and medium-sized businesses, and continuing privatization.
A separate focus of the program is the labor market. The partners plan to expand employment opportunities for veterans, encourage women’s participation in the workforce, and help people acquire the skills that employers need today.
The program also provides for further convergence of Ukrainian markets with European ones, particularly in the energy and agricultural sectors. The World Bank notes that the new program should help Ukraine develop its economy even during wartime and lay the foundation for long-term growth.
