Ukraine can accelerate its economic development by increasing the efficiency and enhancing the transparency of its agricultural sector.
The Board of Executive Directors of the world Bank approved the decision on granting a loan in the amount of $200 million for the Program based on the results, to speed up private investment in agriculture. The program is designed to empower small and medium enterprises in the agricultural sector.
“Ukraine can accelerate its economic development by increasing the efficiency and enhancing the transparency of its agricultural sector — said satu Kähkönen, world Bank Director for Belarus, Moldova and Ukraine. — Increase agricultural productivity by 30% would over the next five years increase GDP by an additional 4.4 percent”.
It is noted that the export of agricultural products remains the main driving force of Ukrainian economy: it accounts for nearly 42% ($18 billion) of total export value. Now the sector is not fully utilizing its potential, and its best use together with the increase in exports could make a significant contribution to economic growth.
The world Bank estimated the growth prospects of the economy of Ukraine
It is reported that in may 2014 the world Bank Group has provided Ukraine with $5.6 billion in the form of four loans in the framework of development policy and seven investment loans, as well as the guarantee of payment for gas in the amount of $500 mln guarantee to support the state policy in the amount of $750 million.