The World Bank Group announced the provision of additional financial support to Ukraine in the amount of USD 1.75 billion.
This follows from a statement by the bank's message, the Ukrainian News agency reports.
This funding consists of a USD 500 million World Bank loan guaranteed by the United Kingdom, a USD 1.25 billion grant from the United States, and a USD 15 million grant from the Government of Finland.
The financial support package is provided within the framework of the World Bank project titled Public Expenditures for Administrative Capacity Endurance (PEACE) in Ukraine.
It helps Ukraine to ensure the critical administrative capacity of the Government and its ability to provide services and perform core government functions at the national and regional levels.
This additional funding for the PEACE project is a continuation of a number of funds previously provided. It will be directed towards further support in critical areas such as health care, education, pensions, social assistance programs, and funding the salaries of workers who provide essential public services.
The funds will be transferred to the Government of Ukraine after the World Bank receives confirmation of the agreed expenditures.
Since the implementation of the PEACE project in June 2022, the Government of Ukraine has been able to provide support to approximately 13 million citizens, including 10 million pensioners, 500,000 education workers, 145,000 civil servants, 56,000 emergency workers, and more than 3 million beneficiaries social assistance and internally displaced persons.
The PEACE project combines loans and grants (currently totaling USD 19.745 billion) from the World Bank and other development partners.
Along with the funding announced today, the World Bank has now mobilized about USD 35 billion in emergency funding to support the people of Ukraine, including commitments and pledges from donors, including the United States, Japan, the United Kingdom, the Netherlands, Spain, Norway, Germany, Canada, Switzerland, Sweden, Denmark, Austria, Finland, Ireland, Lithuania, Latvia, Iceland, and Belgium.
As the Ukrainian News agency earlier reported, in February 2023, the World Bank announced on February 24 additional grant funding for Ukraine in the amount of USD 2.5 billion.
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