Ukraine, World Bank sign agreement on EUR 300M loan

The Ukrainian Finance Ministry and the World Bank have signed an agreement on a EUR 300 million loan to continue the implementation of projects in the field of economic recovery, the ministry's press service has said.

"On December 20, Ukraine's Finance Minister Serhiy Marchenko and World Bank Regional Director for Belarus, Moldova and Ukraine Arup Banerjee signed an agreement to provide Ukraine with a 300 million euro loan to continue economic recovery projects," the statement said.

The loan is the result of structural reforms in the areas of demonopolization of key sectors of the economy, strengthening anti-corruption institutions, improving the operation of land and capital markets, and improving the social support system.

Marchenko thanked representatives of the International Bank for Reconstruction and Development (IBRD) for cooperation and financial support of Ukraine. He noted that the signing of the agreement is evidence that Ukraine is demonstrating real reforms progress on the path to economic recovery and development.

As part of further cooperation between Ukraine and the IBRD, the World Bank Group's Country Partnership Strategy for 2022-2025 is already being developed, which will be aimed at Ukraine achieving sustainable economic recovery and growth. The priority areas of the strategy will be energy, agriculture, and the transport system.

Ukraine received the first part of a development policy loan from the IBRD, totaling $350 million, in June 2021.