15 Dec 2023 10:56

WB allots $1.34 bln in additional financial support for Ukraine

MOSCOW. Dec 15 (Interfax) - The World Bank (WB) announced on December 14 the allotment of $1.34 billion in additional financial support to help sustain critical government services at national and regional levels in Ukraine, Ukrainian media said, citing the WB press release.

"This round of financing for the Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) project will continue to provide support for the payment of pensions for the elderly, grants to internally displaced persons, and wages for teachers, first responders and emergency services staff," the press release said.

The financing package includes a $1.086 billion World Bank loan, backed by a credit enhancement from the Advancing Needed Credit Enhancement for Ukraine (ADVANCE Ukraine) Trust Fund, supported by the Government of Japan, a $190 million grant from the Ukraine Relief, Recovery, Reconstruction, and Reform Trust Fund (URTF), a $20 million grant from the Swiss government, and a $50 million grant from the United States.

The PEACE project is an integral part of the international support package for Ukraine to meet its financing needs through 2024.

Since the beginning of the crisis, World Bank-mobilized support has enabled the Ukrainian government to provide essential services that are reaching more than 15 million Ukrainians, the press release said. Including the latest allotment, the World Bank Group has now facilitated over $39 billion in emergency financing to support Ukraine, including commitments and pledges from donors.