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World Bank to provide $1.75 billion in aid to restore Ukraine

by Olesya Boyko June 21, 2023 11:56 PM 1 min read
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The World Bank Group on June 21 announced a new financing package worth $1.75 billion for emergency assistance to Ukraine.

The financing consists of a $500 million loan from the World Bank guaranteed by the United Kingdom, a $1.25 billion grant from the United States, and a $15 million grant from the government of Finland.

"This ongoing international support is essential to help Ukraine meet its staggering financing needs in 2023," said Anna Bjerde, the World Bank's managing director for operations. "Now in its second year, Russia's invasion of Ukraine continues to cause enormous human suffering and economic damage. Together with our partners, we will continue to stand shoulder to shoulder with the people of Ukraine, supporting them with all our financial instruments and advice."

This additional funding for the World Bank's Public Expenditure Support for Enhanced Sustainable Governance in Ukraine (PEACE) project follows a number of previous disbursements and will be used to continue support in key areas such as health, education, pensions, social assistance programs, and salaries for employees who deliver essential public services, the World Bank said.

With the launch of PEACE in June 2022, the Ukrainian government has been able to support approximately 13 million citizens, including 10 million pensioners, 500,000 education workers, 145,000 civil servants, 56,000 emergency workers, and more than 3 million social assistance recipients and internally displaced persons, according to the World Bank.

In April, the World Bank also announced it would provide Ukraine with $200 million in aid to restore its energy infrastructure.

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