The World Bank has approved a new systemic project in Ukraine called "Supporting Reconstruction through Smart Fiscal Governance" (SURGE). The total project budget is approximately $750 million for 2024-2027, informs the Ministry of Finance press service.
The funding will consist of a $450 million loan from the International Bank for Reconstruction and Development (IBRD) from the Advancing Needed Credit Enhancement for Ukraine Trust Fund (ADVANCE Ukraine), which is supported by the Japanese government, as well as a $300 million loan from the Special Program for Ukraine and Moldova Recovery (SPUR) of the World Bank’s Crisis Fund.
Under the IBRD loan agreement, Ukraine expects to receive the allocated funds by the end of 2024.
The Ministry of Finance noted that the relevant international agreements with the World Bank are expected to be signed soon.
