12 Jul 2022 09:26

IFC to support clients in Ukraine with working capital

MOSCOW. July 12 (Interfax) - The International Finance Corporation (IFC) of the World Bank Group will continue supporting Ukraine in the current circumstances, said Alfonso Garcia Mora, newly appointed IFC vice-president for Europe, Latin America and Caribbean.

The IFC continues supporting its existing clients with working capital they need and is also studying the options of addressing both short and medium-term recovery efforts in various sectors, Mora said in an interview with Ukrainian journalists.

Agriculture sector, in particular, grain storage facilities, is crucial in this context in light of current and potential food security issues in the region and around the globe, for instance, in North Africa, he said.

First, the IFC is trying to think of solutions to support local farmers and grain producers, Mora said. In addition, it wants to focus on the energy sector, which is crucial in light of the upcoming winter in Ukraine and the demand for heating, among other issues, he said.

Energy independence and security are the IFC's top priorities in the energy sector of Ukraine, he added.

The third direction of the IFC's work will include cities, Mora said. The objective is supporting Ukraine both at the national and municipal level, he said, adding that the organization has supported five municipalities since 2019 and it would like to resume doing it in Ukraine.

Another priority is affordable housing as 12 million Ukrainians were forced to leave their houses, he said.

The IFC's is now trying to help with the reconstruction of the residential sector via its energy efficiency program in coordination with the European Union and Germany, which existed before the crisis, Mora said. He is also coordinating the IFS program of aiding Ukraine.

The IFC's portfolio is in good shape, and the corporation is closely monitoring it while making necessary internal changes, he said.

As reported earlier, the IFC has provided $17.5 million since February 24 to two of its existing clients, namely, Concern Galnaftogaz, a supplier of fuel and fertilizers for farmers and owner of OKKO, one of Ukraine's largest filling station networks, and Nyva Pereyaslavshchyny, a major Ukrainian pork producer.