The World Bank announced on Friday that it would grant an additional $530 million in support of Ukraine, in order to help the nation “meet the urgent needs generated by the Russian invasion.”
This support, which will take the form of a new loan via the International Bank for Reconstruction and Development (IBRD) is guaranteed by the United Kingdom to the tune of $500 million and by Denmark for $30 million, the World Bank specified in a press release.
The funding comes as part of the World Bank’s Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) project, which aims to support continued government capacity, including the “provision of core public services such as health, education, and social protection.”
“The toll of destruction, damage, and dislocation in Ukraine is staggering and continues to grow,” said Anna Bjerde, World Bank Regional Vice President for Europe and Central Asia. “The support of the international community so far has been impressive, and we are so grateful to the people of the United Kingdom and Kingdom of Denmark for their continued assistance.”
To date, the World Bank has mobilised around $13 billion in emergency financing for Ukraine, including commitments and pledges from donors, of which $11 billion has already been disbursed. This assistance will allow Ukraine to continue to provide government services and help ease the human impact of the war.
“The Ukrainian people have a long road to recovery ahead and development partners will need to continue to pull together to support Ukraine’s reconstruction,” Bjerde said.
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According to Arup Banerji, World Bank Regional Country Director for Eastern Europe, the long-term costs of the war in Ukraine continue to mount and are now “enormous”, requiring an extra $100 billion over the space of the next three years.
“The Government of Ukraine is focusing on immediate social needs, ensuring that urgent recovery and repairs are completed, while preparing for the enormous tasks around reconstruction,” Banerji said.
The UK, the largest donor in the latest round of Ukraine funding, said that the funds will “unlock further financial support that is needed to sustain Ukraine’s economic resilience and their courageous resistance against Russia’s brutal invasion.”
