World Bank allocates additional $2.5 billion to Ukraine
The World Bank (Photo:uk.wikipedia.org)
The World Bank has announced an additional $2.5 billion in grant financing for Ukraine, according to a press release published by the international lender on Feb. 24.
The funds, provided by the United States Agency for International Development (USAID), will be transferred to the government after the World Bank's review of eligible expenditures.
"The grant provides direct support to Ukraine’s budget under the World Bank’s Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) Project, to maintain essential services and core government functions amid the on-going war," the statement said.
Funds provided by the United States Agency for International Development (USAID) will be transferred to the Government of Ukraine after appropriate verification of eligible expenditures by the World Bank.
The agency clarified that the additional funding package will be aimed at supporting key sectors, including healthcare, schools, pensions, assistance to internally displaced persons, social assistance programs and salaries for public sector employees.
World Bank Group President David Malpass pledged continued support for the people of Ukraine.
He said the financial institution has provided $20.6 billion in assistance to Ukraine since the beginning of Russia’s full-scale invasion of the country.
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