U.S. provides another $2.5 billion grant to Ukraine via World Bank

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U.S. provides another $2.5 billion grant to Ukraine via World Bank

MOSCOW. Feb 27 (Interfax) - The World Bank Group has announced an additional grant for Ukraine worth $2.5 billion provided by the United States Agency for International Development (USAID) as part of the World Bank's Public Expenditures for Administrative Capacity Endurance in Ukraine Project (PEACE).

"The funds [...] will be transmitted to the Government of Ukraine after appropriate verification of eligible expenditures are made by the World Bank," Ukrainian media outlets said, quoting the World Bank's statement released on Friday.

According to the statement, the additional financing package as part of the PEACE program builds on a number of previous grants and would be allocated to support key sectors, including education and health care, payment of pensions, financial aid for internally displaced people, social assistance programs, and wages for employees providing core government services.

"The World Bank has mobilized $20.6 billion to support Ukraine [since the start of the crisis], of which $18.5 billion has been disbursed, reaching more than 12 million Ukrainians. We will continue supporting the people of Ukraine through urgent repair projects and coordination with the Government for recovery and reconstruction efforts," World Bank Group President David Malpass said in the statement.

The U.S. Department of State said earlier that the U.S. has started providing aid to Ukraine out of over $10 billion approved earlier for 2023.

"Today, in coordination with the U.S. Agency for International Development (USAID) and the Department of the Treasury, we are announcing over $10 billion in assistance, including budgetary support to the Government of Ukraine and additional energy assistance," Ukrainian media outlets said, citing a statement published on the website of the U.S. Department of State.

The U.S. began disbursing $9.9 billion to support the Ukrainian government, the statement said. Work to provide $250 million to Kiev to meet the needs of the energy sector is also underway.