Finance Minister Serhii Marchenko and World Bank Operations Manager for Eastern Europe Kevin Tomlinson signed a loan agreement on November 22 under the World Bank’s Public Expenditures for Administrative Capacity Endurance (PEACE in Ukraine) project.
The Ministry of Finance has said this in a statement, the Ukrainian News agency reports.
The agreement provides for the attraction of USD 4.8 billion from the United States and other development partners.
Ukraine expects to receive funding in the near future.
The funds will be directed to priority social budget expenditures.
Given the ongoing challenges of a full-scale war, the Ukrainian government is taking all necessary measures to mobilize additional resources for the urgent needs of Ukrainian citizens.
The U.S. government is directing funding through the United States Agency for International Development (USAID) and in coordination with the U.S. Department of the Treasury and the U.S. Department of State.
These funds will be transferred to the state budget of Ukraine through the World Bank's PEACE in Ukraine project.
Since 2022, USAID has allocated more than USD 28 billion in grant support to the Government of Ukraine through the PEACE in Ukraine project.
As the Ukrainian News agency earlier reported, the PEACE in Ukraine project is the World Bank's key financial instrument for Ukraine, which allows international donors to combine their efforts to provide timely and predictable financial support.
Since the beginning of the full-scale invasion, about USD 35.5 billion has been allocated through this project to support social expenditures in the state budget of Ukraine.
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