Ukraine’s Finance Minister Serhiy Marchenko and the World Bank's Regional Director for Eastern Europe, Bob Som, recently signed agreements under the new "Support for Reconstruction through Smart Fiscal Management" (SURGE) project, writes Ukrinform.
This initiative, backed by $750 million, aims to streamline Ukraine’s public investment processes to improve transparency and fiscal efficiency.
The financing includes a $450 million loan from the International Bank for Reconstruction and Development, supported by Japan's ADVANCE Ukraine Trust Fund, and an additional $300 million from a special recovery fund dedicated to Ukraine and Moldova.
The Ukrainian government anticipates receiving these funds by the end of 2024 to assist with urgent reconstruction needs and economic recovery.
As part of the agreement, a $10 million grant under the STRONG project will support institutional reforms crucial to the success of SURGE, allowing Ukraine to rebuild essential infrastructure and address financial management needs more effectively.
Additionally, Ukraine recently secured a $1.35 billion grant from the United States, which will be allocated to critical humanitarian and social programs.
These funds reflect ongoing global support for Ukraine as it navigates the challenges of recovery amid ongoing conflict and economic instability.
The SURGE program demonstrates the World Bank and its partners' commitment to supporting Ukraine's recovery efforts through strategic and sustainable financial assistance, focusing on both immediate relief and long-term stability.
