World Bank allocates $1.5 billion for development and reconstruction of Ukraine
The World Bank has approved a billion-dollar loan for the reconstruction of Ukraine (photo: Getty Images)
The World Bank's Board of Directors has approved a decision to allocate $1.5 billion to Ukraine as part of a Development Policy Loan (DPL) to support development and recovery policies, according to Prime Minister of Ukraine, Denys Shmyhal.
The Prime Minister noted that out of this amount, $984 million will come from Japan and $516 million from the UK. The funds will be transferred by the end of March.
Shmyhal thanked the World Bank, and the governments of Japan and the UK for their support and contribution to maintaining Ukraine's macroeconomic stability.
"We will use these resources to cover the most important budget expenditures: for social, humanitarian purposes, and recovery," added the head of the government.
The World Bank's aid
The Ministry of Economy of Ukraine and the World Bank are working on attracting $500 million. They will be directed to finance projects to support Ukrainian businesses in 2024.
In early December 2023, the World Bank announced that Ukraine would receive $1.2 billion in financial aid. The funds will be provided under guarantees from the government of Japan and will be used to support 29 social assistance programs for the most vulnerable populations.
In mid-December, the World Bank allocated an additional $1.34 billion to Ukraine. They will be directed towards pension payments, salaries, and other priority areas.
