The Board of Executive Directors of the World Bank approved a loan of 300 million euros to support reforms for the economic development of Ukraine, as well as mitigate the effects of the pandemic, follows from a publication on the organization’s website.
Ukraine received its first loan under the economic development support program in the amount of $ 350 million in June 2020. The Ukrainian authorities were supposed to channel the money towards land reform and help the government accelerate the sector’s growth and investment despite the effects of the pandemic.
The World Bank’s Economic Development Program (DLP) supports reforms to demonopolize the economy and counter corruption, strengthen land and credit markets with access to small farming businesses, and strengthen social safety nets for the elderly to mitigate the impact of the coronavirus pandemic.
“We expect that these [земельные] The reforms will help improve living standards by allowing approximately 4.6 million smallholders in Ukraine to generate fair returns and invest in their most valuable asset, ”said Arup Banerjee, Bank’s Regional Director for Eastern Europe.
Since the start of the pandemic, the World Bank has provided Ukraine with $ 2.3 billion in budget support and investment projects. On December 10, the organization approved a $ 150 million loan to fund an emergency response program for the spread of COVID-19 and a vaccination campaign.
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