Samantha Power, the head of the U.S. Agency for International Development, announced that the agency is planning to collaborate with the U.S. Congress to secure $230 million to "support Ukraine’s economy and reconstruction."
As a result of the Russian invasion of Ukraine, the economy in the country decreased by "an estimated 31% in 2022," Power said in a press release while visiting Kyiv Wednesday.
The money will be used to provide not just technical assistance but also support for businesses aiming to enhance their growth and expand their operations in Ukraine, which will also contribute to job creation and the export of products and services into Europe.
"USAID will also advance a strong, diverse, and open Ukrainian economy by strengthening the business support ecosystem and helping small, medium, and large Ukrainian enterprises become more competitive and sustainable. Small businesses are the primary source of economic activity and employment in Ukraine," the statement said.
According to USAID, the support will help create about 100,000 new jobs in the country, which will "increase public revenue" and help "reduce the need for external assistance."
Additionally, on Wednesday, Power announced the U.S. will provide Ukraine with an additional $15 million in aid for Ukraine's health and psychosocial support programs.
The news comes a day after Power visited the Port of Odesa in southern Ukraine and pledged an additional$250 million in funds for Ukraine's agricultural sector.
Since the start of the war 17 months ago, the U.S., through USAID, has provided more than $23 billion in aid to Ukraine, the agency states.
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