Rebuilding Ukraine: Ministry of Finance signs USD 750M agreements with World Bank

13.11.2024 18:40

Ukrinform

Ukraine's Finance Minister Sergii Marchenko and Bob Saum, the World Bank's Regional Director for Eastern Europe, have signed agreements under the "Supporting Reconstruction through Smart Fiscal Governance" (SURGE) project, totaling USD 750 million.

This was reported by the Ministry of Finance of Ukraine, according to Ukrinform.

"The implementation of the SURGE project will help the Government of Ukraine improve the public investment management process, making it more efficient and transparent. This is an important step towards further meeting Ukraine's recovery needs,” said Sergii Marchenko.

The funding includes a USD 450 million loan from the International Bank for Reconstruction and Development (IBRD) through the ADVANCE Ukraine Trust Fund, supported by the Japanese government, and a USD 300 million loan agreement under the Bank's Special Program for Ukraine and Moldova Recovery (SPUR) .

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It is expected that Ukraine will receive the USD 450 million loan by the end of 2024.

Additionally, a USD 10 million grant agreement was signed under the STRONG project, aimed at supporting the implementation of institutional reforms within the SURGE framework.

As reported by Ukrinform, on November 13, 2024, Ukraine received a USD 1.35 billion grant from the United States, which will be directed towards humanitarian and social programs.

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