The European Union (EU) and the International Finance Corporation (IFC), the private sector arm of the World Bank Group, have signed an agreement on investments in reconstruction of Ukraine worth 500 mln euro, according to a statement by the European Commission (EC), Paralel.Az reports citing TASS.

"The European Commission and IFC have just signed a guarantee agreement to support investments that will help drive an inclusive and sustainable reconstruction in Ukraine. Through the agreement the European Union will provide up to €90 million in financial guarantees to support investments in Ukraine to IFC, a member of the World Bank Group, as part of IFC's Better Futures Program (BFP). Mobilized investments under the program by the private sector are expected to reach more than €500 million across sectors including essential infrastructure and goods production, promoting decarbonization and the preservation of livelihoods," the statement reads.

In 2022, IFC launched the $2 bln Economic Resilience Action (ERA) Program to support Ukraine's private sector, the European Commission noted. "Since then, IFC has provided financing of over $650 million and mobilized over $400 million to support the tech sector, agribusiness, critical exports and imports, and SME finance," the EC added.

Total EU support to Ukraine and its people since February 2022 amounts to over €88 bln, the EC stressed. "This includes contributions from EU institutions and Member States for economic, financial, military, and humanitarian support, as well as hosting Ukrainian refugees in EU Member States," the statement said.