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Ukraine, another $500 million aid from the World Bank

The World Bank announced an additional $500 million to help Ukraine meet urgent spending needs caused by the Russian invasion. This was reported by the international media.

“Finance from the International Bank for Reconstruction and Development, the Bank’s main credit arm, was backed by a $500 million loan guarantee from Great Britain, announced on September 30,” the World Bank statement read.

The statement comes on the eve of a reconstruction conference in Berlin today, where national leaders, development experts and CEOs will discuss how to rebuild Ukraine after the Russian invasion. “The Russian invasion continues to wreak massive damage to Ukraine’s infrastructure – including water, sewage, and electricity networks – as winter approaches, putting the Ukrainian population at further risk,” said World Bank Group President David Malpass.

The new share of the funding will be used to maintain essential government services. The World Bank has already mobilized a total of $13 billion in emergency financing for Ukraine, of which $11.4 billion has been fully disbursed. The World Bank, the Ukrainian government and the European Commission said in a statement that the Russian invasion had caused more than $97 billion in direct damage to Ukraine as of June 1, but the country’s reconstruction could cost about $350 billion. Month.

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Harold Manning

"Infuriatingly humble social media ninja. Devoted travel junkie. Student. Avid internet lover."

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