The investment division of the World Bank has mobilized almost $1B to restore Ukraine’s private sector.

According to the director of the International Financial Corporation (IFC), Makhtar Diop, $620M of the funds raised for Ukraine are part of the $2B package announced in December 2022. The funds are from the investment division’s own balance sheet, along with another $360M sourced through external financing.

“First of all, we need to continue to monitor the development of the political situation. We will need to continue to mobilize more resources to somewhat guarantee some of our investments because we take a lot of investments on our balance sheet,” he said.

Diop added that IFC is exposed to more risk in Ukraine than other development agencies. Providing guarantees to give external investors confidence to deploy resources was the “main challenge” facing the IFC in mobilizing further funds for its support package, Diop said.