13 Jun 2024 12:48

World Bank allots $47-million Re-PoWER grants to Ukraine

MOSCOW. June 13 (Interfax) - The World Bank has approved additional grants totaling $47 million for Ukraine's Re-PoWER Winterization and Energy Resources Project.

WB Regional Country Director Arup Banerji and Ukrainian Finance Minister Sergei Marchenko signed the respective amendment to the World Bank grant agreements on the sidelines of the Ukraine Recovery Conference (URC-2024) in Berlin on Tuesday, June 11, Ukrainian media said.

The Finance Ministry said in a press release on its website that the funds would provide Kharkov residents with central heating through the purchase and installation of heating equipment.

Following Marchenko's meeting with World Bank Vice President for Europe and Central Asia Antonella Bassani, Banerji and the newly appointed Country Director for Ukraine, Moldova and Belarus in Kiev last week, the Finance Ministry reported that $820.5 million was available as grant funding through the World Bank's URTF, of which $540 million had been received by Ukraine.

According to information on the World Bank website as of June 4, $200 million was allotted from the URTF to the Re-PoWER project with a need of $500 million, and $162.5 million out of $800 million was allocated to the HOPE project.