The World Bank provides Ukraine with additional USD 1.75 billion in financial support
The World Bank provides Ukraine with additional USD 1.75 billion in financial support
Kyiv will receive $1.75 billion in additional funding from its Western partners through the World Bank in the form of loans and grants. The assistance will be provided under the project "Public Expenditure Support for Enhanced Accountability and Sustainable Governance in Ukraine" (PEACE).
The World Bank reports
"The financing consists of a $500 million loan from the World Bank guaranteed by the United Kingdom, a $1.25 billion grant from the United States, and a $15 million grant from the Government of Finland," the statement said.
It is planned that the funds will be used to support healthcare, education, pensions, social assistance and salaries for employees who provide basic public services.
According to the World Bank's Managing Director for Operations, Anne Bjerde, the sustained international support is crucial for Ukraine to meet the basic needs of Ukrainians, which are "staggering" due to the unprecedented amount of damage that Russia is inflicting on the Ukrainian economy on a daily basis.
"Now in its second year, Russia's invasion of Ukraine continues to cause enormous human suffering and economic damage. Together with our partners, we will continue to stand shoulder to shoulder with the people of Ukraine, supporting them with all our financial instruments and advice," said Anna Bjerde, World Bank Managing Director for Operations.
Through the PEACE project, launched in June last year, the Ukrainian government has provided support to about 13 million of its citizens, including 10 million pensioners, 500,000 education workers, 145,000 civil servants, 56,000 emergency workers, and more than 3 million social assistance recipients and internally displaced persons.
As of today, the total amount of assistance provided to Ukraine by the World Bank is USD 35 billion.
Today, the Ukraine Recovery Conference 2023 is taking place in London, where world leaders and business representatives are discussing ways to support Ukraine, in particular in the areas of recovery and reconstruction following the Russian invasion.
A number of participants have already pledged assistance. The largest donors are: London, which will provide Ukraine with about $3 billion in long-term financial assistance over the next three years, and the United States, which has allocated $1.25 billion to Kyiv to rebuild critical infrastructure and modernise Ukraine's borders.