The World Bank on Thursday announced a $2 billion package to support Ukraine's private sector, in a bid to help pave the way for reconstruction amid the devastation resulting from Russia's invasion.
The latest package by the International Finance Corporation (IFC), the bank's development arm focused on private-sector development in emerging markets, adds to its ongoing support of Ukraine.
Moscow's invasion has damaged Ukraine's infrastructure and disrupted the private sector, which previously contributed up to 70 percent of the country's gross domestic product, the IFC said in a statement.
Some 11 percent of businesses have shuttered as of September, and more than half operate below capacity, it added, citing the National Bank of Ukraine.
"Many firms are continuing to provide jobs and essential goods and services but need finance to continue operations," said the IFC.
During the war and early reconstruction stage, the IFC's new program will focus on ensuring access to critical goods and services, with emergency support for agribusiness and trade finance, including for fuel imports.
"Deploying capital during this extraordinary time is essential to keep businesses and vital services running, and, when the time is right, prepare for the massive reconstruction efforts to come," said IFC Managing Director Makhtar Diop.