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World Bank approves $610 million package to address Ukraine's urgent needs

by The Kyiv Independent news desk December 21, 2022 3:00 AM 1 min read

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The World Bank Group announced on Dec. 20 a new financing package that includes projects to boost relief and recovery efforts for Ukraine amid Russia's full-scale invasion. The World Bank will provide additional financing of $500 million through an IBRD loan supported by a guarantee from the U.K. for the same amount and mobilized under the Public Expenditures for Administrative Capacity Endurance (PEACE) Project.

The additional $500 million in IBRD lending is amined at helping Ukraine's government with expenditures related to child and family benefits, salaries of public employees, and utility payments.

The World Bank will also support Ukraine with a new project to restore and improve access to health care and address new and urgent needs for health services due to the war.

Author: The Kyiv Independent news desk

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World Bank approves $610 million package to address Ukraine's urgent needs

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