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World Bank to provide Ukraine with additional $1.3 billion in financial support

by Nate Ostiller and The Kyiv Independent news desk December 15, 2023 1:13 PM 2 min read
The World Bank Group headquarters in Washington, DC, US, on Tuesday, Sept. 27, 2022. (Samuel Corum/Bloomberg via Getty Images)
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The World Bank will provide Ukraine with an additional $1.34 billion in financial aid through a combination of grants and loans, according to a press release published on Dec. 14.

The funding is part of the Public Expenditures of Administrative Capacity Endurance program (PEACE) in Ukraine, designed to support the country's social and humanitarian expenditures.

PEACE funds are used to "provide support for the payment of pensions for the elderly, grants to internally displaced persons, and wages for teachers, first responders, and emergency services staff."

The PEACE project in Ukraine was established in June 2022 to help the country in supporting around 13 million beneficiaries.

The bulk of the funds ($1.08 billion) announced on Dec. 14 comes from a World Bank loan backed by the Japanese government.

"Financial assistance from international partners gives us the opportunity to ensure the macro-financial stability of Ukraine and direct all internal resources to the needs of our army," said Prime Minister Denys Shmyhal.

"We are grateful to our partners for their solidarity and support!"

As of Dec. 14, the World Bank has facilitated more than $39 billion in financing for Ukraine, along with support from other countries.

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