22:00 24 Feb 2023

The World Bank announces $2.5 bln grant to Ukraine

Photo: Getty Images

The World Bank on Friday announced $2.5 billion in additional grant to support Ukraine's budget and maintain essential services.

The grant provides direct support to Ukraine's budget under the World Bank's Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) Project, the World Bank says in the statement.

The funds will be transferred to Ukraine after the World Bank conducts an appropriate verification of eligible costs.

The additional PEACE funding package will support key sectors, including health, schools, pensions, payments to internally displaced persons, social assistance programs, and salaries for employees who provide essential public services.

To date, the World Bank has mobilized more than 20.6 billion dollars in the form of emergency financing to support the people of Ukraine, including the commitments and promises of donors: the United States, Great Britain, the Netherlands, Spain, Norway, Germany, Canada, Switzerland, Sweden, Denmark, Austria, Finland, Ireland, Lithuania, Latvia, Iceland, Belgium and Japan (parallel financing).

Currently Ukraine expects $33 billion aid from its Western allies. On February 10 the World Bank reported to allocate $50 billion to repair Ukraine's transport infrastructure.

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