Part of the donor funds for Ukraine’s quick recovery is being channeled through the new Ukraine Recovery, Rehabilitation and Reforms Trust Fund (URTF) created by the World Bank late last year, whose size the bank intends to increase to $2 billion, WB Governor David Malpass said.
“We intend to increase this fund to $2 billion and to mobilize an additional $1 billion to $2 billion from private partners,” he said Wednesday at the third ministerial roundtable in support of Ukraine, which took place at the WB and IMF spring meeting in Washington.
Malpass specified that the mechanism was created to mobilize additional support from the International Finance Corporation (IFC) of the World Bank Group, which works with the private sector and has already allocated about $150 million to Ukraine’s private sector with support from donor partners across Europe.
“We have pledged to share risks with the IFC,” the WB chief noted.
He added that the Multilateral Investment Guarantee Agency (MIGA), part of the WB Group, would also help with this task and had already provided more than $116 million in guarantees for Ukraine since the war began.
“It is critical to support the country’s long-term growth through projects in sectors such as energy infrastructure, transportation, agriculture and human capital. Our investments will be accompanied by policy and reform advice and the structuring of viable projects that can mobilize private capital,” Malpass stressed.
As World Bank Regional Director for Eastern Europe Arup Banerjee told Interfax-Ukraine in late February of this year, $295 million had been accumulated in the URTF at the time.
