World Bank gives green light to new multi-million aid package for Ukraine

The World Bank (WB) has announced a new funding package including projects to assist and rebuild Ukraine in the face of the ongoing war.

The Bank said it would also provide financing worth $500 million through an International Bank for Reconstruction and Development (IBRD) lending backed by a UK guarantee for the same amount and mobilized under the Public Expenditures for Administrative Capacity Endurance (PEACE) Project.

David Malpass, the WB Group President celebrated this decision, saying “Russia’s invasion of Ukraine continues to have devastating economic and humanitarian consequences, impacting the health sector, critical energy infrastructure, and transport networks. [...] We welcome today’s financing support by our partners. The World Bank has mobilized $18 billion in emergency financing in support of the people of Ukraine since the beginning of the war, including commitments and pledges from donors, of which $15 billion has been disbursed”.

The additional $500 million loan will help Ukraine cover the costs of child and family allowances, civil servants' salaries and utility payments. Maintaining these essential public services is essential to diminish the loss of human capital and rebuild the country and its economy after the war.

The WB also pledged to support Ukraine with a new project to restore and improve access to health care and address new and urgent needs for health services.