Ukraine and World Bank sign $700 million agreement to support agriculture

The Ministry of Agrarian Policy and Food of Ukraine and the World Bank have officially signed two important agreements aimed at supporting and revitalizing agriculture in Ukraine. The documents were signed by the Minister of Agrarian Policy Mykola Solsky and the Head of the World Bank's Country Office in Ukraine Gevorg Sargsyan.

According to the agreements, the World Bank will provide Ukraine with a USD 700 million grant to support agriculture. The project, labeled "ARISE" (Emergency Project for Inclusive Support for the Recovery of Agriculture in Ukraine), has two main components.

The first component of this project includes financial support for the Affordable Loans 5-7-9 program for agricultural production and food processing. This program is aimed at providing affordable loans for the development of the agricultural sector and supporting rural entrepreneurs.

The second component provides grant assistance to small agricultural producers, including land users and those specializing in cow, goat or sheep breeding. This assistance is aimed at ensuring their successful development and support.

The ARISE project is scheduled for implementation in 2023 and 2024 and has already received support from both the Ukrainian government and the World Bank.

Mykola Solsky thanked the World Bank for its cooperation and support, emphasizing the importance of this project for Ukrainian agriculture. The parties to the agreement agreed to coordinate joint efforts to support Ukrainian agricultural producers and restore the agricultural sector, contributing to the development of the national economy and agricultural exports.