The World Bank Board of Executive Directors today approved $1.49 billion of additional financing for Ukraine under the Public Expenditures for Administrative Capacity Endurance in Ukraine Project.
Source: World Bank Group President David Malpass
These funds will be used to pay salaries to government and social workers, increasing the promised amount of support of the bank to more than $ 4 billion.
“The World Bank Group is providing continuing support for Ukraine and its people in the face of the ongoing war. We are working with donor countries to mobilize financial support and leveraging the flexibility of our various financing instruments to help provide Ukrainians with access to health services, education and social protection.”
The project received financial guarantees from the United Kingdom, the Netherlands, Lithuania and Latvia; parallel funding from Italy and expected future guarantees, including from Denmark. The project is also co-financed by contributions to the new Multi-Donor Trust Fund (MDTF) from several countries, including Switzerland.
Uaposition memo: Since Ukraine joined the World Bank in 1992, the Bank’s commitments to the country have totalled almost $16 billion in about 90 projects and programs, including the project approved today.
See also: The war in Ukraine may provoke a global recession, – The Head of the World Bank
