World Bank approves additional $610 million for Ukraine

21 December 2022, 12:57 PM
Logo of the World Bank (Photo:REUTERS/Johannes P. Christo)

Logo of the World Bank (Photo:REUTERS/Johannes P. Christo)

The World Bank has stepped up with a new financial package of $610 million to cover urgent Ukrainian needs, the international lender reported in a press release on Dec. 20.

A total of $500 million of the package will be channeled to the Public Expenditures for Administrative Capacity Endurance (PEACE) Project, while $110 will be allocated to the Health Enhancement and Life-saving (HEAL Ukraine) Project.

The loan of $500 million is backed by a guarantee from the UK. Spain will guarantee $100. The Global Financing Facility for Women, Children, and Adolescents (GFF) will grant $10.

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"Russia’s invasion of Ukraine continues to have devastating economic and humanitarian consequences, impacting the health sector, critical energy infrastructure, and transport networks," said World Bank Group President David Malpass.

Since the beginning of the Russian full-scale war against Ukraine, the World Bank has allocated $18 billion in the form of urgent financial assistance for the Ukrainian people, including commitments and pledges from donors, of which $15 billion has been disbursed.

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