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Ukraine to receive $1.5 billion development loan from World Bank

by Sonya Bandouil March 27, 2024 3:29 AM 2 min read

The World Bank Group headquarters in Washington, DC on Sept. 27, 2022. (Samuel Corum/Bloomberg via Getty Images)

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Ukraine will receive a $1.5 billion loan through the World Bank under its Growth Foundations Development Policy Loan (DPL) program, Ukraine's Finance Ministry announced on March 26.

Funding totaling $1.5 billion, backed by guarantees from Japan and the United Kingdom, will be provided through the World Bank Trust Fund (ADVANCE Ukraine). In total, Japan will guarantee $984 million, and the United Kingdom will guarantee $516 million.

Ukraine will receive the loan by the end of March, the news release noted.

Ukraine's Finance Minister Serhii Marchenko emphasized the crucial support of the World Bank, the U.K., and Japan.

“The funds raised will be used to support the state budget of Ukraine and economic recovery, as well as to finance the priority social and humanitarian expenditures of the state budget," Marchenko said.

The DPL will aim to support reforms in Ukraine across various sectors like corporate governance, renewable energy, and agricultural financing.

Deputy Minister of Finance Olha Zykova highlighted the loan bolsters Ukraine's budget while also enhances economic development by improving productivity, access to export markets, and implementing necessary reforms for European integration.

Ukraine's recovery and reconstruction costs stemming from Russia's full-scale invasion are estimated to be $486 billion, according to the World Bank's assessment published on Feb. 15.

Earlier on March 26, Ukraine received $880 million allocated for budgetary assistance from the International Monetary Fund, Prime Minister Denys Shmyhal announced.

Author: Sonya Bandouil

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