The IFC will provide $2B in finances for Ukrainian businesses.

The Board of Directors of the International Finance Corporation (IFC), which is part of the World Bank, has supported a $2B financing program for Ukrainian businesses, Ukraine’s Economy Minister Yuliya Svyridenko said. The main areas of the program are the banking sector of Ukraine, the agricultural sector, and small and medium-sized business entrepreneurs. IFC management allowed the corporation to work directly with state-owned companies as an exception for Ukraine. Usually, the IFC is practically prohibited from working with state-owned companies. This financing is expected to mobilize private credit capital, as the IFC usually finances no more than 30% of s project’s cost, and seeks to involve commercial banks and other MFIs in the financial consortium. Thus, the minister noted that the total volume of Ukrainian projects that can count on financing could amount to more than $6B.