The Ukraine Agriculture Recovery Inclusive Support Emergency (ARISE) Project – to be implemented by Ukrainian government’s Business Development Fund and Ministry of Agrarian Policy and Food – is intended to provide loans and grants to 90,000 farmers to increase production levels during 2023 and 2024. The project includes a loan of USD 230 million from the World Bank, supported by the Advancing Needed Credit Enhancement for Ukraine (ADVANCE Ukraine) Trust Fund, which is funded by the government of Japan. ARISE also has USD 320 million in grant funds from the Ukraine Relief, Recovery, Reconstruction and Reform Multi-Donor Trust Fund (URTF).
Antonella Bassani, World Bank Regional Vice President for Europe and Central Asia, noted “With the war still raging, uncertainty continues to hang over Ukrainian agriculture, which has huge ramifications for the country and for global food and nutrition security. The ARISE Project will help thousands of Ukrainian farms, including many small ones, to continue producing in what are certain to be extremely challenging conditions in the months ahead.”
The World Bank Group is a multilateral organization whose goal is “to end extreme poverty and promote shared prosperity in a sustainable way.” As of 2023, it has 189 member nations. The group encompasses: (1) the International Bank for Reconstruction and Development and the International Development Association, which make up the World Bank; (2) the International Finance Corporation; (3) the Multilateral Investment Guarantee Agency; and (4) the International Centre for Settlement of Investment Disputes. During the 12 months ending June 2022, the World Bank Group disbursed funds totaling USD 67 billion.
By Pranav Agarwal, Research Associate
Sources and Additional Resources
World Bank press release on ARISE
https://www.worldbank.org/en/news/press-release/2023/10/30/farmers-in-ukraine-to-benefit-from-world-bank-support
Business Development Fund homepage
https://bdf.gov.ua/
Ministry of Agrarian Policy and Food homepage
https://minagro.gov.ua/
ADVANCE Ukraine Trust Fund and UTRF profiles on the World Bank Group website
https://www.worldbank.org/en/country/ukraine/brief/mrii
World Bank Group homepage
https://www.worldbank.org/
World Bank Annual Report 2023
https://www.worldbank.org/en/about/annual-report#anchor-annual
Previous MicroCapital article on World Bank
https://www.microcapital.org/microfinance-paper-wrap-up-the-global-state-of-financial-inclusion-and-consumer-protection-2022-by-buddy-buruku-et-al-published-by-the-world-bank-group/
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