Since Russia’s invasion in February 2022, the World Bank Group has facilitated critical financing from donors to support Ukraine. The World Bank Group offers a range of trust funds, financial intermediaries, guarantees, co- and parallel financing, and other financial instruments to help the Government of Ukraine sustain essential public services, rebuild critical infrastructure, support the private sector, and more with needs identified in the first, second, and third Rapid Damage and Needs Assessments for Ukraine.
World Bank
Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF)
URTF is a coordinated financing and support mechanism to assist the Government of Ukraine in (i) sustaining its administrative and service delivery capacity and conducting relief efforts and (ii) planning and implementing recovery, resilient reconstruction, and reform agenda. URTF is supporting Framework Projects—emergency operations that mobilize partner resources through an innovative and flexible design. The projects reflect Ukraine’s relief needs outlined in the RDNAs and are designed to be adaptable to events on the ground, scalable to integrate additional financing, and rapidly make an impact. The trust fund also plays a critical role in Ukraine’s path to reforms, as it supports activities that help implement reforms outlined in the Government’s Reforms Matrix, such as through the LEARN program for results.
To date, URTF is supporting the following projects:
Learn about the impact that ARISE and HEAL are already having on lives and livelihoods across Ukraine.
Public Expenditures for Administrative Capacity Endurance (PEACE)
The PEACE in Ukraine project is contributing to sustaining the Government's administrative and service delivery capacity, as well as essential services and core government functions. It covers expenditures incurred for the government, education, and healthcare services; first responders' wages; social assistance payments—supported through grants from a dedicated MDTF, IBRD/IDA financing, and donor guarantees. Learn more about PEACE here.
Advancing Needed Credit Enhancement for Ukraine Trust Fund (ADVANCE Ukraine TF)
The ADVANCE Ukraine TF is aimed at providing IBRD lending credit enhancement for projects and operations in Ukraine. It follows the World Bank’s bilateral shareholder guarantee framework and is financed through the issuance and deposit of promissory notes. To date, the Government of Japan has contributed $7 billion in promissory notes. The first $1.5 billion Ukraine Relief and Recovery Development Policy Loan was approved by the World Bank’s Board of Executive Directors on June 29, 2023. Subsequent World Bank loans backed by credit enhancement from the ADVANCE Ukraine TF were made to support projects in housing, agriculture, social protection, and sustaining critical government services.
IFC
Ukraine Economic Resilience Action (ERA) Program
IFC’s Ukraine ERA Program will support projects during Russia's invasion of Ukraine and initial stages of reconstruction. The program will focus on the following strategic priorities: (1) sustaining economic activity and supplying essential goods; (2) supporting vital economic infrastructure; and (3) addressing the needs of displaced people and affected municipalities. IFC will deploy $2 billion over the next two years, including $1 billion of own capital and $1 billion from donors to mitigate risks. IFC will further crowd in additional private financing for an expected leveraging of donor financing by 3-4x across the portfolio. Since the invasion, IFC has provided financing of $1.6 billion, with $1.1 billion committed from its own account and $530 million mobilized. This financing will support business resilience, particularly in key sectors such as agribusiness, by providing working capital, trade finance, and risk sharing facilities. IFC will also underpin early recovery through support to critical infrastructure for energy, transport, municipal services, and housing. In parallel, for project development IFC will prepare leveraging backing from partners to maximize private capital mobilization for reconstruction.
As of end September 2024, IFC has raised $748 million from Switzerland, Netherlands, the UK, European Commission, France, Japan, and Belgium.
MIGA
Support to Ukraine’s Reconstruction and Economy Trust Fund (SURE TF)
The SURE TF , which was established with an anchor contribution from Japan, will enable MIGA’s guarantee issuance in Ukraine by leveraging up to $300 million of donor funding. During the ongoing invasion, MIGA will issue trade finance guarantees for Ukraine to import vital goods and equipment for infrastructure repairs, agricultural production, health service delivery, and preparation for winter. It will also provide Political Risk Insurance for international banks to facilitate access to finance, as well as liquidity support to Ukrainian businesses. Real sector projects will be considered selectively during the ongoing active conflict. After its partial or full cessation, MIGA will continue to support Ukraine by catalyzing foreign direct investment in the country’s energy, infrastructure, manufacturing, agriculture, services, and finance sectors.
To date, Japan has contributed a total of $25 million, Norway has contributed $22 million, the United Kingdom £20 million, and Belgium €1 million.
MIGA-EBRD Partnership
MIGA is partnering with the European Bank for Reconstruction and Development (EBRD) to support short-term trade finance guarantees for Ukraine to serve humanitarian needs and help keep industries like agriculture going while providing critical imports needed for production.
Last Updated: Oct 10, 2024