World Bank announces $2.5B in additional financing for Ukraine

World Bank announces $2.5B in additional financing for Ukraine

The World Bank announced $2.5 billion in additional grant financing for Ukraine. 

As the press release reads, the grant provides direct support to Ukraine’s budget under the World Bank’s Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) Project, to maintain essential services and core government functions amid the ongoing war.

The funds, provided by the United States Agency for International Development (USAID), will be transmitted to the Government of Ukraine after appropriate verification of eligible expenditures are made by the World Bank.

As noted, this additional financing package to the PEACE project builds on previous grants and will support key sectors, including health care, schools, payment of pensions, payments for internally displaced people, social assistance programs, and wages for employees providing core government services.

 “I’m pleased that the World Bank has mobilized $20.6 billion to support Ukraine since the start of the war, of which $18.5 billion has been disbursed, reaching more than 12 million Ukrainians. We will continue supporting the people of Ukraine through urgent repair projects and coordination with the Government for recovery and reconstruction efforts,” World Bank Group President David Malpass said.

As reported, the World Bank will disburse $300 million for thermal modernization in Ukraine.

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