World Bank Allocates $1.75 Bln for Ukraine

by Meifan Honcharuk
Wednesday, June 22, 2023
World Bank Allocates $1.75 Bln for Ukraine

The funds are divided into guarantees and grants from the UK, Finland and the USA

On June 21, the World Bank published information on the formation of $1.75 billion as part of Public Expenditures for Administrative Capacity Endurance in Ukraine. The joint efforts of 3 states accumulated the funds:

  • The UK — $500 million guaranteed loan;
  • United States — $1.25 billion grant;
  • Finland — $15 million grant.

Thanks to WB's PEACE, Ukraine can count on support for the functioning of the main state tasks. Specifically, this tranche will be used to fulfil these tasks: healthcare, education, salaries and pensions, and social assistance. As soon as WB receives confirmation of the implementation of these costs, the funds will be transferred to the budget of Ukraine.

"This steady international support is essential to helping Ukraine meet its staggering financing needs in 2023," Anna Bjerde, World Bank MD. 

"Now in its second year, Russia's invasion of Ukraine continues to cause immense human and economic suffering. Together with our partners, we will continue to stand by the Ukrainian people, supporting them with all our financial instruments and advice."

In addition, the World Bank has raised ≈$35 billion from donors and guarantors from the US, Japan, UK, Netherlands, Spain, Norway, Germany, Canada, Switzerland, Sweden, Denmark, Austria, Finland, Ireland, Lithuania, Latvia, Iceland, and Belgium.

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