WBG BOUGHT UKRAINE
According to WBG, The Government of Ukraine, the United Nations and the World Bank launched a series of Multi Partner Trust Funds (MPTFs) they will manage together to support economic recovery and peacebuilding in Ukraine.
The initiative comes as the country remains fragile. The conflict has compounded Ukraine's economic challenges and affected its development prospects. Disruptions in industry, transport and small and medium enterprises have led to widespread job losses. Poverty rates are estimated to have increased, with access to services hampered in conflict-affected areas. The international partners are ready to support the efforts of the government of Ukraine on recovery of the infrastructure and peacebuilding, tailored to the specific needs of conflict-affected communities.
"The government allocated funding for recovery of the eastern regions in the 2015 and 2016 budget, but faced difficult resource and institutional capacity constraints, as well as economic hardship and social problems of the communities affected by the conflict. We are calling on international development partners to utilize multi-partner platform to provide support for peacebuilding, recovery, development and reconstruction needs in Ukraine," – said Vadym Chernysh, Minister for the Temporarily Occupied Territories and Internally Displaced Persons.
The establishment of Trust Funds was recommended by the Recovery and Peacebuilding Assessment for Eastern Ukraine led jointly by the World Bank, United Nations, and European Union and endorsed by the Government of Ukraine. The assessment highlighted the need for a common approach to economic recovery and reconstruction financing in Eastern Ukraine to support the Government's strategy.
This Multi-Partner Platform includes a Trust Fund administered by the UN, and oneadministered by the World Bank. The initiative leverages the experience and expertise of the World Bank and the UN from other conflict-affected countries.
UN Resident Coordinator Neal Walker said: "Experience in conflict-affected countries show that when a critical mass of funding flows through a pooled funding mechanism, it becomes a center of gravity that can coordinate the total aid efforts in a transformative and efficient manner."
"The launch of these Multi-Partner Trust Funds is an important next step to support the implementation of the Government's Program for Recovery and Peacebuilding in the Eastern Regions. The World Bank is committed to continuing to support Ukraine, including through the Trust Fund, in its efforts to promote longer-term economic stability and recovery in the Eastern part of the country," said Ms. Satu Kahkonen, the World Bank Country Director for Belarus, Moldova and Ukraine.
The Trust Funds will focus on financing infrastructure and social services, economic recovery and social resilience, peacebuilding and community security. Programs will help to restore damaged infrastructure and provide services for people, support small enterprise recovery, basic financial services and create job opportunities. Technical assistance, analytic support and capacity building will also be provided.
The Multi Partner Trust Fund welcomes contributions from governments, the private sector, multilaterals, NGOs, and individuals.
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