The World Bank Executive Directors approved a decision to extend a loan in the amount of USD 200 million to Ukraine, reports the press center of the World Bank.
The allocated funds will be used for the implementation of Program-for-Results (PforR) on Accelerating Private Investment in Agriculture, which should improve opportunities for small and medium enterprises (SMEs) in the agriculture sector. Among other things, it increase agricultural sector competitiveness, its diversification.
Stimulating the development of the industry by increasing the effectiveness of support policies, improving transparency and increasing efficiency of use in the state agricultural land.
In addition, it is planned to improve agribusiness SMEs’ access to export markets, which will contribute to the development of cross-border trade and the requirements of important markets for Ukraine (EU, PRC, countries participating in the Cooperation Council for the Arab States of the Persian Gulf, USA and Canada).
World Bank Country Director for Belarus, Moldova and Ukraine Satu Kahkonen noted that thanks to the development of agriculture, increasing its productivity by 30 percent, Ukraine could increase additional 4.4 percent of GDP growth over the next five years.
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