21 Dec 2022 11:23

World Bank approves $610 mln funding for Ukrainian public finances, health guaranteed by UK and Spain

MOSCOW. Dec 21 (Interfax) - The World Bank has approved another $610 million in emergency funding for Ukraine, including $500 million under the Public Expenditures for Administrative Capacity Endurance (PEACE) project and $110 million under the Health Enhancement and Life-saving (HEAL Ukraine) project, Ukrainian media outlets said, quoting a World Bank press release.

The World Bank will provide additional financing of $500 million through a loan supported by a guarantee from the United Kingdom for the same amount; a loan of 100 million euros, backed by a guarantee from Spain; and a $10 million grant from the Global Financing Facility for Women, Children, and Adolescents (GFF).

The World Bank has altogether mobilized $18 billion in emergency financing in support of Ukraine, including commitments and pledges from donors, of which $15 billion has been disbursed, said World Bank Group President David Malpass.

The World Bank said the additional $500 million in lending for the PEACE Project would help the Ukrainian government with expenditures related to child and family benefits, salaries of public employees, and utility payments. It estimates that 12 million people in Ukraine have benefitted from the PEACE project to date.

The HEAL Ukraine Project will improve and strengthen primary health care, address increased demand for mental health and rehabilitation services.