the world bank on thursday announced a 2 billion package to support ukraines private sector in a bid to help pave the way for reconstruction amid the devastation resulting from russias invasion the latest package by the international finance corporation ifc the banks development arm focused on privatesector development in emerging markets adds to its ongoing support of ukraine the group has been working to help ukraine maintain trade flows while retaining access to essential resources like food and fuel it said moscows invasion has damaged ukraines infrastructure and disrupted the private sector which previously contributed up to 70 percent of the countrys gross domestic product the ifc said in a statement some 11 percent of businesses have shuttered as of september and more than half operate below capacity it added citing the national bank of ukraine many firms are continuing to provide jobs and essential goods and services but need finance to continue operations said the ifc during the war and early reconstruction stage the ifcs new program will focus on ensuring access to critical goods and services with emergency support for agribusiness and trade finance including for fuel imports deploying capital during this extraordinary time is essential to keep businesses and vital services running and when the time is right prepare for the massive reconstruction efforts to come said ifc managing director makhtar diop the package includes up to 1 billion from the ifc with added financing dependent on guarantees from donor governments it said