Ukraine will receive two billion dollars in aid for agriculture, oil import business

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NEW DELHI: Private businesses will receive $2 billion in financial assistance from the International Finance Corporation to help Ukraine rebuild its war-ravaged agriculture and oil import industries and other companies. The International Finance Corporation is a member of the World Bank Group, which provides financial assistance to the private sector in developing countries.

The loan is separate from the billions of dollars in grants Ukraine receives from donor countries. Ukraine will definitely have to pay this amount of debt. At least half a million people have lost their jobs in the country since Russia's invasion of Ukraine in February, according to Ukraine's finance ministry.

The National Bank of Ukraine estimates that as of September this year, 11 percent of businesses were closed and half were operating below capacity. Loans to the country's private sector will be critical for years to come. Because the Ministry of Finance of Ukraine is struggling with a budget deficit.

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