Politics 2024-02-15T04:55:58+02:00
Ukrainian news
World Bank creates multilateral trust fund for donor support to Ukraine

World Bank creates multilateral trust fund for donor support to Ukraine

Ukraine, support, World Bank, trust fund, donor, Create, multilateral


The World Bank announced the creation of a multilateral trust fund to support the government of Ukraine in measures to ensure the critical needs of the state in the current conditions of war and further recovery.

This is stated in an official statement by the World Bank.

"The Ukrainian Support, Restoration, Reconstruction, and Reform Trust Fund (URTF), which will be managed by the World Bank, will provide a coordinated mechanism for financing and supporting the activities of the Government of Ukraine in ensuring the performance of state functions and providing administrative services, implementing measures to help the population, as well as in planning, and implementation of the program of reconstruction and reforms in Ukraine. The fund will also provide resources for critically important advisory and analytical work in the field of providing assistance to the population in the conditions of war and reconstruction of the country," the financial institution explained.

Following the announcement of the commitment of the Swiss government to the founding contribution and the contributions of the governments of Austria, Iceland, Lithuania, the Netherlands, Norway, and Sweden, the initial total amount of the fund is USD 250 million.

Canada and Japan have also pledged to support the URTF; other partners are expected to join.

The URTF Fund will function within the framework of the general Fund of Multi-donor Resources for the Functioning of Institutions and Infrastructure of Ukraine (МRІІ), which is part of the wider international support for Ukraine and is coordinated by the World Bank Group.

To date, the World Bank has mobilized USD 18 billion in emergency financing to help the people of Ukraine, taking into account the commitments of donors.

"More than USD 13 billion of this funding has been disbursed. This vital support has already helped overcome some of the devastating effects of the ongoing war on the population of Ukraine and its economy," the World Bank summarized.