Ukraine to Attract $4.8 Billion to State Budget through PEACE Project from World Bank
Ukraine has received a major boost to its economy with the announcement of a $4.8 billion investment from the World Bank’s PEACE (Promoting Economic Activity, Competitiveness and Employment) project. The news was shared by Ukrainian Prime Minister Denys Shmyhal on November 22 through his Telegram channel.
The PEACE project aims to support Ukraine’s economic recovery and growth by promoting job creation, improving the business climate, and enhancing competitiveness. It will focus on key sectors such as agriculture, energy, infrastructure, and digitalization.
The $4.8 billion investment will be provided in the form of loans and grants over the next five years, with the first tranche of $700 million expected to be disbursed in early 2021. This significant amount of funding will help Ukraine to overcome the challenges posed by the COVID-19 pandemic and accelerate its economic development.
In his statement, Prime Minister Shmyhal expressed his gratitude to the World Bank for its continued support and partnership with Ukraine. He emphasized that the PEACE project will have a positive impact on the country’s economy and will create new opportunities for growth and development.
The World Bank’s Country Director for Belarus, Moldova, and Ukraine, Satu Kahkonen, also highlighted the importance of the PEACE project for Ukraine’s economic recovery. She stated that the project will help to address the structural issues in the country’s economy and promote sustainable growth.
The investment from the World Bank comes at a crucial time for Ukraine, as the country is facing significant economic challenges due to the COVID-19 pandemic and the ongoing conflict in the eastern region. The PEACE project will not only provide much-needed financial support but also help to strengthen the country’s resilience and stability.
The Ukrainian government has already taken steps to improve the business climate and attract foreign investment, including implementing reforms and simplifying procedures for doing business. The PEACE project will further support these efforts and contribute to the country’s economic growth and competitiveness.
The news of the $4.8 billion investment has been welcomed by both government officials and business leaders in Ukraine. It is seen as a vote of confidence in the country’s economy and a recognition of its potential for growth and development.
The World Bank’s investment is also expected to have a positive impact on the lives of ordinary Ukrainians. The creation of new jobs and the development of key sectors will provide opportunities for people to improve their standard of living and contribute to the country’s overall prosperity.
In conclusion, the $4.8 billion investment from the World Bank’s PEACE project is a significant development for Ukraine’s economy. It will provide much-needed support and help to accelerate the country’s economic recovery and growth. The project is a testament to the strong partnership between Ukraine and the World Bank and is a step towards a brighter future for the country and its people.
