At the approval stage, the planned total project volume reaches approximately $750 million for the years 2024-2027, as stated in the press release from the Ministry of Finance of Ukraine.
Project financing will include a loan from the International Bank for Reconstruction and Development (IBRD) amounting to $450 million from the Target Fund for Credit Support to Ukraine (ADVANCE Ukraine), which is funded by the government of Japan, as well as a $300 million loan under the Special Program for Recovery for Ukraine and Moldova (SPUR) from the Crisis Fund of the Bank. According to the Loan Agreement with the IBRD, Ukraine expects to receive these funds by the end of 2024.
The primary objective of the project is to create the necessary conditions and institutions for the effective and transparent implementation and financing of climate-focused recovery.
The SURGE program will be implemented through the financial instrument "Program-for-results," which stipulates the provision of a loan after achieving and verifying specific indicators. For each achieved indicator outlined in the international agreement, a corresponding amount of the loan will be deposited into the general fund of Ukraine's state budget.