World Bank and donors provide Ukraine with additional $1.75B of financial support

The World Bank and donors are providing Ukraine with an additional $1.75 billion in support of relief and recovery efforts.

This is said in a press release published on the website of the World Bank on June 21, Ukrinform reports.

“The World Bank Group announced today $1.75 billion in additional support for Ukraine. The financing is composed of a $500 million World Bank loan guaranteed by the United Kingdom, a $1.25 billion grant from the United States, and a $15 million grant from the Government of Finland,” the report says.

The support package is part of the World Bank’s Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) Project, which helps Ukraine sustain critical service delivery capacity and core government functions at the national and regional levels.

This additional financing for the PEACE project builds on previous funding and will continue to provide support in key sectors such as health care, education, payment of pensions, social assistance programs, and wages for employees providing core government services.

“This steady international support is essential to helping Ukraine meet its staggering financing needs in 2023,” said Anna Bjerde, World Bank Managing Director.

Since its inception in June 2022, the PEACE project has enabled the Government of Ukraine to sustain support for an estimated 13 million beneficiaries, including 10 million pensioners, 500,000 school employees, 145,000 government employees, 56,000 first responders, and over three million social assistance beneficiaries and internally displaced persons.

As reported, the PEACE project combines loans and grants from the World Bank and other development partners, and currently totals $19.745 billion.

With today’s announcement the World Bank Group has now mobilized nearly $35 billion in emergency financing in support of the people of Ukraine, including commitments and pledges from donors including: the United States, Japan, the United Kingdom, Norway, the Netherlands, Spain, Germany, Canada, Switzerland, Sweden, Denmark, Austria, Finland, Ireland, Lithuania, Latvia, Iceland, and Belgium.