Ukraine can attract more private investment for future growth by charting a clear and predictable policy path in key sectors, World Bank Governor Ajay Banga said on Wednesday at the 4th Ministerial Roundtable Discussion for Support to Ukraine at the IMF-World Bank meeting in Marrakech.

"If the right conditions are created, we estimate that as much as one-third of Ukraine's future needs could be met through private sector financing," he said.

The head of the World Bank clarified that he discussed this with Finance Minister Serhiy Marchenko at a meeting on October 10 on the sidelines of the meeting.

"I'm so glad to hear from him that Ukraine is developing exactly such a multi-year plan, including reforms that encourage competition and accelerate alignment (of the business environment) with EU standards," he said.

Banga recalled that World Bank Group members IFC and MIGA are already helping private businesses by supporting companies trading essential goods, providing working capital and financing, and capital investment for essential infrastructure services.

In his opinion, the potential for attracting private investment in Ukraine lies in digital technologies, where harmonized procedures and expansion of digital infrastructure will be crucial.

"We see potential in green energy, supported by tariff reforms, and in agriculture to the continuing land reform that they have already begun," the head of the World Bank added.

He called for a comprehensive approach that would bring together donor countries giving generously to Ukraine's social and economic needs, civil society monitoring projects to increase transparency and accountability, and international financial institutions and UN partners who support the country's humanitarian and economic needs, as well as private businesses.

Banga indicated that the World Bank also wants to apply lessons learned and innovations from its work in Ukraine to help other countries, especially those in fragile and conflict-affected situations.

"Lessons include ensuring sufficient resources for the government to function, prioritizing delivery of essential goods and services and working capital for businesses, and harnessing digital systems to transfer resources efficiently and accountably," the head of the World Bank explained.