World Bank announces huge financial package in next aid to Ukraine

The World Bank (WB) has announced the allocation of a new support package worth $750 million to Ukraine, Ukrainian Prime Minister Denys Shmyhal said on November 8.

The funds will be provided under the SURGE project, which is aimed at supporting institutional reforms necessary for EU accession, Caliber.Az reports, citing Ukraine media.

Part of the funds will be allocated from the ADVANCE Ukraine fund, which is supported by the Japanese government.

“The implementation of the programme will help to strengthen the work of state institutions in the conditions of war, to provide key public services to citizens in full,” the prime minister assured.

He added that the mentioned reforms will improve the management of public investments and public finances. The World Bank may increase the financing if necessary.

On November 4, Shmyhal said that Ukraine had signed agreements with the World Bank for almost $600 million under the Sustainable, Inclusive and Environmentally Balanced Entrepreneurship (RISE) project aimed at supporting small and medium-sized businesses.

Since Russia’s invasion of Ukraine in late February 2022, World Bank Group-mobilized support has enabled the Government of Ukraine to promote reforms and provide essential services that are reaching more than 15 million Ukrainians. The World Bank Group has facilitated more than $50 billion in financing to support Ukraine, including commitments and pledges from donors including: the United States, Japan, the United Kingdom, Norway, the Netherlands, Spain, Germany, Canada, the Republic of Korea, Switzerland, Sweden, Denmark, Austria, Finland, Iceland, Ireland, Indonesia, Lithuania, Latvia, New Zealand, and Belgium.

By Khagan Isayev