World Bank allocates Ukraine $200 mln for agricultural development project
The World Bank and the Finance Ministry of Ukraine signed an agreement to raise a loan in the amount of USD 200 million to Program-for-Results (PforR) on Accelerating Private Investment in Agriculture.
"Ukrainian Finance Minister Oksana Markarova and World Bank Country Director for Belarus, Moldova and Ukraine Satu Kahkonen signed a loan agreement between Ukraine and the International Bank for Reconstruction and Development (IBRD) on Program-for-Results (PforR) on Accelerating Private Investment in Agriculture in the amount of USD 200 million," the press service of the Finance Ministry reports.
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.
The program is also expected to enhance sector policies to increase access to key agricultural inputs by improving efficiency and targeting of the current agriculture state support programs; enhance transparency in land lease markets; complete the registration of all state land; and strengthen land rights protection by improving owners’ and users’ awareness and enforcement of their rights.
The project will be implemented as part of the Strategy on Attracting Private Investment in Agriculture for the period until 2023, approved by the Cabinet of Ministers on July 5, 2019. The strategy aims to support the efforts of the Government of Ukraine, in particular, the Agrarian Policy Ministry, the Regional Development Ministry and the Justice Ministry, to create favorable conditions for private investments, including small and medium enterprises, in the agriculture sector.