World Bank gives Ukraine a $200 mln loan for agricultural development

World Bank gives Ukraine a $200 mln loan for agricultural development

Ukrinform
The World Bank approved a decision to extend a loan in the amount of USD 200 million to Ukraine for the implementation of Program-for-Results (PforR) on Accelerating Private Investment in Agriculture.

"The World Bank’s Board of Executive Directors approved a USD 200 million loan to Program-for-Results (PforR) on Accelerating Private Investment in Agriculture to improve opportunities for small and medium enterprises (SMEs) in the agriculture sector," reads the statement on the World Bank’s website.

The program aims to increase agricultural sector competitiveness, diversification, and growth by enhancing the efficiency and targeting of sectoral support policies, improving transparency and efficiency of use in the state agricultural land, and improving agribusiness SMEs’ access to export markets. All of these are key preconditions for the successful development of the agriculture sector.

Agricultural exports remain a key driver of the Ukrainian economy, representing almost 42 percent (USD 18 billion) of total export value. Currently, the sector is operating below its potential and, together with increased exports, could make a significantly larger contribution to economic growth.

“Ukraine can improve its economic growth by enhancing efficiency and transparency of its agricultural sector. A 30 percent increase in agricultural productivity could result in additional cumulative 4.4 percent of GDP growth over the next five years,” said Satu Kahkonen, World Bank Country Director for Belarus, Moldova and Ukraine.

Since May 2014, the World Bank has provided a total of USD 5.6 billion to Ukraine, through four development policy loans and seven investment operations, as well as a USD 500 million gas guarantee and USD 750 million policy-based guarantee.

ish


Let’s get started read our news at facebook messenger > > > Click here for subscribe

While citing and using any materials on the Internet, links to the website ukrinform.net not lower than the first paragraph are mandatory. In addition, citing the translated materials of foreign media outlets is possible only if there is a link to the website ukrinform.net and to the website of a foreign media outlet. Citing and using materials in offline media, mobile apps, Smart TV are allowed only with written permission from Ukrinform. News and publications marked as "Advertisement" and "PR" and articles in the section "Releases" include promoted content, and an advertiser is responsible for the content.

© 2015-2019 Ukrinform. All rights reserved.

Website design Studio Laconica

Extended searchHide extended search
By period:
-