The World Bank's private investment arm has raised nearly $1 billion to help rebuild Ukraine's private sector, said Makhtar Diop, managing director of the International Finance Corporation (IFC), Reuters reports, UNN reports.
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About $620 million of the $2 billion package announced in December 2022 came from the investment unit's own balance sheet, the World Bank, and another $360 million from external financing, Diop said.
Kyiv's ability to channel the estimated $400 billion in funds for Ukraine's reconstruction will be more acute than ever as Europe and the United States show signs of donor fatigue.
According to Diop, providing guarantees to give external investors confidence in deploying resources was the "main challenge" facing the IFC in mobilizing additional funds for its support package.
As noted, the corporation has already financed $304 million worth of guarantees in the agricultural sector, in particular for critical grain imports and exports.
The company is also considering investing in offshore wind power and distribution generation, but its plans have not yet been finalized.