The IFC, a member of the World Bank Group, provides private sector financing to developing countries. The loans differ from the billions that Ukraine has received in grants and other forms of no-strings-attached aid from donor nations, as they must be paid back.

Since Russia invaded in February, at least 5 million jobs have been lost, according to Ukraine’s Ministry of Economy. The National Bank of Ukraine estimates that 11% of businesses had closed as of September and more than half were operating below capacity.

Loans to the country’s private sector will become more important in coming years as Ukraine’s finance ministry copes with a widening budget deficit. In addition, grants and other foreign aid are not guaranteed, and Republicans in the U.S. Congress have signaled uncertain support for Ukraine when they take control of the House in January.

Getting private financing is difficult for countries facing war, floods and other calamities.

“You’re looking at a level of risk that is just astounding,” said Kenneth Rogoff, a Harvard University economist. Even before the war in Ukraine, corruption was rampant and Ukraine had difficulty getting investment.

With a war raging, Rogoff said, “how do you make a loan with any kind of investment knowing

you may not be paid back.” He said that, for now,

lenders “can make a loan for humanitarian reasons or we need to give them money.”

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