World Bank approves $50 million grant to repair Ukrainian infrastructure
Restoring Ukraine's infrastructure (Photo:theukrainians.org)
The World Bank will provide $50 million in funding to repair Ukrainian transport infrastructure destroyed by Russian attacks, the organization said in a message on its website on Feb. 10.
“The World Bank announced today a new $50 million project to repair and restore Ukraine’s transport network to support immediate humanitarian relief and recovery, and increase capacity of import and export corridors,” the message reads.
“The grant financing for this project is provided by the Ukraine Relief, Recovery, Reconstruction, and Reform Trust Fund (URTF), with additional funding of up to $535 million envisaged to follow shortly.”
The World Bank estimates that more than 2,100 Ukrainian villages that have been liberated since the outbreak of the war, face a problem of transport links disruption caused by the conflict. The transport network of Ukraine has suffered significant direct damage, which amounts to more than $29.9 billion. The economic damage from the disruption of transport has induced $26.1 billion in additional costs, as of June 1, 2022.
By early 2023, Russia has caused Ukraine $600-750 billion in damages, PM Denys Shmyhal said at a joint press conference with the President of the European Commission Ursula von der Leyen on Feb. 2.
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