World Bank approves $200m loan to support Ukrainian agriculture

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The Ukrainian Ministry of Finance and the World Bank have signed an agreement on 200 million dollar agriculture loan.

The agreement was signed between Ukraine and the International Bank for Reconstruction and Development (IBRD) under a programme to facilitate private investment in agriculture, the press service of the finance ministry said.

The programme was at aimed improving the competitiveness and diversification of Ukraine’s agricultural sector through policy support, and ensures greater efficiency and transparency of the state agricultural land use, which are crucial factors for agricultural development, according to the press service.

The project will be implemented as part of the strategy on attracting private investment in agriculture until 2023 approved by the Ukrainian Cabinet of Ministers earlier in July.

The strategy aims to support the Ukrainian government, especially the ministry of agriculture, the ministry of regional development and the ministry of justice in creating favourable conditions in the agriculture sector for private investments.

The IBRD, an international financial institution under the World Bank, offers loans to middle-income developing countries.