World Bank Approves US$723 Million Package For Ukraine In Aid And Grants

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World Bank Approves US$723 Million Package For Ukraine In Aid And Grants


The World Bank has approved a package of loans and grants worth US$723 million for Ukraine, in order to provide the government with much-needed budget support as the country fights the Russian invasion.

Citing Reuters (8/3), the package includes an additional US$ 350 million in loans to the previous World Bank loan, plus about US$ 139 million through guarantees from the Netherlands and Sweden.

It also includes US$ 134 million in grants from the UK, Denmark, Latvia, Lithuania and Iceland as part of the trust fund which will continue to receive grant contributions on behalf of Ukraine.

Meanwhile, Japan provides parallel financing of US$ 100 million.


A World Bank spokesman said the funds were expected to be transferred to the Ukrainian government in the next few days.

The World Bank said rapid disbursement support would help the Ukrainian government provide essential services, pay hospital workers, fund pensions and continue social programs.

"The World Bank Group is taking swift action to support Ukraine and its people in the face of the extreme violence and disruption caused by the Russian invasion," World Bank President David Malpass said in a statement.

David also said the World Bank will stand with the people of Ukraine and the region. This loan package is the first of many steps it is taking to help address the broad economic and humanitarian impact of the crisis.


The bank said it would continue to work on another $3 billion support package for Ukraine in the coming months and additional support for neighboring countries hosting Ukrainian refugees that now exceed 1.7 million, mostly women, children and the elderly.



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