Ukraine’s Finance Ministry intends to launch five new joint projects with the World Bank to foster developments in the country, the ministry reported on April 6.
Finance Minister Serhiy Marchenko held a video conference with Anna Bjerde, World Bank Vice President for Europe and Central Asia, where the two sides discussed cooperation in the near future.
The ministry plans to submit five projects to the World Bank’s Board of Executive Directors, according to the press release. The project objectives vary from helping the country tackle the coronavirus pandemic to raising the quality of higher education.
Other initiatives include improving transportation in Kyiv and installing hybrid power systems that use both conventional and renewable resources to produce electricity in Ukrhydroenerho, the country’s largest state-owned hydro-generating company.
Making long-term finance that exceeds one year more accessible to Ukreximbank, one of the largest state-owned banks in Ukraine, is also one of the projects the ministry has in mind.
In addition to the five plans that the ministry intends to submit, Marchenko also showed interest in starting new investment projects to upgrade transport infrastructure in Ukraine.
The official said now that the two road construction projects with the World Bank are coming to an end, the ministry hopes to “continue successful work in this direction” and potentially start another roadwork project.
As of January 1, 2021, funds provided to Ukraine by the International Bank for Reconstruction and Development (IBRD), one of the World Bank Group’s member institutions, added up to $693.5 million — 2.3 times more than a year ago.
The IBRD’s funding is the highest among other international financial organizations that support development in the country, according to the ministry.
“I am very grateful to the World Bank for its efforts to implement many important projects and help in the fight against the coronavirus crisis last year,” Marchenko said.
The World Bank’s current Partnership Framework 2017-2021 with Ukraine expires in June this year, and the Finance Ministry says it is time to start identifying key priorities for the next four years of cooperation.
