World Bank Allocates Another $530 Mln to Support Ukraine

by Olha Povaliaieva
Saturday, October 1, 2022
World Bank Allocates Another $530 Mln to Support Ukraine

The total international assistance to Ukraine through WB during the war is $13 billion

On September 30, the World Bank issued a statement to provide Ukraine with an additional $530 million to compensate for emergency needs provoked by the war. The amount was mobilized jointly by the United Kingdom ($500 million) and Denmark ($30 million) as part of the PEACE initiative, Public spending to strengthen administrative capacity in Ukraine.

"The toll of destruction, damage, and dislocation in Ukraine is staggering and continues to grow. The international community's support so far has been impressive, and we are so grateful to the people of the United Kingdom and the Kingdom of Denmark for their continued assistance. The Ukrainian people have a long road to recovery ahead, and development will need to continue to pull together to support Ukraine's reconstruction," Anna Bjerde, World Bank regional vice president for Europe and Central Asia.

As of October 1, 2022, the World Bank has raised almost $13 billion in emergency funding, using donor assistance ($11 billion of which was fully covered by the US) and loan guarantees from foreign partners. This assistance helped Ukraine mitigate the consequences of an inhuman war. According to the World Bank regional director for Eastern Europe, Arup Banerjee, Ukraine's economic needs in the next 3 years will amount to about $100 billion. Moreover, the amount will increase in proportion to the duration of the continuation of the war.

"But the government of Ukraine is focusing on immediate social needs and ensuring that urgent recovery and repairs are completed, while preparing for the enormous tasks around reconstruction. We welcome the continuous generosity and commitment of international partners in ensuring that the people of Ukraine can both survive this crisis and prosper in the future," Arup Banerji.

"UK guarantee financing will unlock further urgent financial support that is needed to help sustain Ukraine's economic resilience and their courageous resistance against Russia's brutal invasion," James Cleverly, foreign minister of the United Kingdom.

In turn, Flemming Møller Mortensen, minister for development cooperation of Denmark, said that "Denmark is proud of our commitment to support Ukraine through the World Bank." According to Mortensen, international assistance helps Ukraine cover social and humanitarian needs. Therefore, Denmark does not stop supporting Ukraine economically, and following the Danish grant of €40 million, the state transfers another €20 million through the World Bank. Since the beginning of the war, Denmark has allocated more than €563 million to Ukraine.

"It proves our close partnership with the World Bank and Ukraine," Flemming Møller Mortensen.

We remind you that the PEACE initiative is engaged in government capacity maintenance, health, education and social security projects.

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