Ukraine to Receive Additional $1.5 billion From the World Bank
The World Bank will provide Kyiv with a loan of USD 1.5 billion to overcome the consequences of the war unleashed by Russia in Ukraine.
This is reported on the official website of the World Bank.
"Ukraine will receive $1.5 billion from the World Bank to support recovery and development. The funds will be provided under the guarantees of the Japanese government and will be used to address the needs related to the aftermath of the war. I am grateful to the World Bank and the Government of Japan for their quick decisions," said Ukrainian Prime Minister Denys Shmyhal on Twitter.
The loan is intended to support key areas of government reforms aimed at "mitigating" the effects of Russia's invasion of Ukrainian territory. Key areas of assistance include supporting the Ukrainian government in "addressing the needs of newly impoverished and displaced families by providing support to such households" and supporting the strengthening of transparency and accountability tools for public spending, which can help the economy function both during and after the war.
"Since February 2022, the World Bank has been working continuously with the international donor community to mobilise emergency financing to help the Government of Ukraine keep children in school, hospitals open, and key public services running," said Antonella Bassani, World Bank Vice President for Europe and Central Asia.
Since the start of the full-scale invasion in February 2022, the World Bank has mobilised support to strengthen the Ukrainian government's ability to finance basic government expenditures, including social payments. Together with the latest loan, the World Bank Group has managed to provide more than $37.5 billion in emergency assistance to Kyiv, including commitments and guarantees from donor countries such as the United States, the United Kingdom, Germany, Canada, France, and many others.
Earlier this month, during the Ukraine Recovery Conference, the World Bank announced an additional $1.75 billion in guarantees and grants from the US, UK and Finland to be used to support healthcare, education, pensions, social assistance and salaries for public service providers.