World Bank grants Ukraine $ 1.3 Billion

The funds will support pensions and salaries for Ukrainian rescue workers. The post World Bank grants Ukraine $ 1.3 Billion appeared first on Euromaidan Press.

Dec 25, 2023 - 21:25

According to the Ukrainian Ministry of Finance, Kyiv has received $1.34 billion under the World Bank’s Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) project.

The funding comprises a World Bank loan of $1.086 billion, provided under the guarantee of the Government of Japan, along with several grants:

$190 million from Norway through the Ukraine Relief, Recovery, Reconstruction, and Reform Trust Fund (URTF);
$50 million from the United States of America;
$20 million from Switzerland.

“International financial assistance allows us to provide priority social expenditures during the war. Since the beginning of the full-scale invasion, the governments of Japan, the United States, Norway, and Switzerland have repeatedly demonstrated their unwavering support and solidarity for Ukraine,” said Ukrainian Minister of Finance Sergii Marchenko.

The funds will be used to partially compensate for non-security-related expenses from Ukraine’s state budget, focusing on social pensions and payments to State Emergency Service personnel, as reported by the Ministry.

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The post World Bank grants Ukraine $ 1.3 Billion appeared first on Euromaidan Press.