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World Bank to lend 300 million euros to back reforms, mitigate pandemic in Ukraine

December 19, 2021 7:19 pmby Oleg Sukhov
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President Volodymyr Zelensky meets with the President of the World Bank Group in Washington on Sep. 1, 2021. (president.gov.ua)

The World Bank on Dec. 17 approved a 300 million euro loan to Ukraine to support reforms and help mitigate the impact of the Covid-19 pandemic.

The Economic Recovery Development Policy Loan aims to support the de-monopolization of the economy, strengthen anti-corruption institutions, improve land and credit markets, including access to finance for small farmers, and bolster the safety net for elderly Ukrainians who are vulnerable to Covid-19, the World Bank said in a press release.

“Amid high levels of economic vulnerability, a slow and uneven recovery from the Covid-19 shock is underway in Ukraine, and we hope this loan will provide the necessary support to reforms aimed at fostering a stronger, more inclusive recovery,” said Arup Banerji, the World Bank’s regional country director for Eastern Europe.

The World Bank last gave Ukraine a Development Policy Loan of $350 million in June 2020 to support the launch of land reform and help the Ukrainian government boost growth and investments in this sector. 

On Dec. 10, the World Bank also announced it will give Ukraine $150 million to respond to the Covid-19 threat by buying 16.5 million vaccine doses and developing Covid-related outreach, communication and logistics networks.

Since the beginning of the pandemic, the World Bank has provided Ukraine with a total of $2.3 billion in budget support and investment projects.

Oleg Sukhov
Author: Oleg Sukhov

Oleg Sukhov is a political reporter at the Kyiv Independent. He is a former editor and reporter at the Moscow Times. He has a master's degree in history from the Moscow State University. He moved to Ukraine in 2014 due to the crackdown on independent media in Russia and covered war, corruption, reforms and law enforcement for the Kyiv Post.

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