World Bank Announces Additional $1.49 Billion Financing Support for Ukraine [EN/UK] – Ukraine & More News Here

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WASHINGTON, June 07, 2022 —The World Bank Board of Executive Directors right this moment accepted $1.49 billion of extra financing for Ukraine underneath the Public Expenditures for Administrative Capacity Endurance in Ukraine Project. This new financing is a part of the overall assist package deal of over $4 billion that the World Bank is mobilizing, which is up from the sooner estimated $3 billion. Nearly $2 billion of this funding has been disbursed.

Funding from this newest challenge can be used to pay for wages for authorities and social employees. The challenge has benefited from financing ensures from the United Kingdom, the Netherlands, Lithuania, and Latvia; parallel financing from Italy and anticipated future ensures, together with from Denmark. The challenge has additionally been co-financed by contributions to a brand new Multi-Donor Trust Fund (MDTF) from a number of nations, together with Switzerland.

“The World Bank Group is providing continuing support for Ukraine and its people in the face of the ongoing war,” stated World Bank Group President David Malpass. “We are working with donor countries to mobilize financial support and leveraging the flexibility of our various financing instruments to help provide Ukrainians with access to health services, education and social protection.”

The World Bank’s portfolio of initiatives in Ukraine helps enhancements in public providers that immediately profit atypical folks, in areas equivalent to water provide, sanitation, heating, energy, power effectivity, roads, social safety, training and healthcare.

“Maintaining these core services, and the ability of the government to deliver them, is essential to preventing further deterioration in living conditions and poverty in Ukraine beyond the suffering inflicted on the population because of the war,” stated World Bank Country Director for Eastern Europe Arup Banerji. “In addition, keeping government capabilities functioning will be the bedrock of any recovery and reconstruction going forward.”

A current roadmap issued by the World Bank outlines the Bank Group’s preliminary quick-time period response and proposed a medium-time period, focused strategy encompassing the 15 months from April 2022 to June 2023.

Since Ukraine joined the World Bank in 1992, the Bank’s commitments to the nation have totaled nearly $16 billion in about 90 initiatives and packages, together with the challenge accepted right this moment.

PRESS RELEASE NO: 071

Contacts

In Washington
David Theis
+1 (202) 458-8626
[email protected]

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