The World Bank Group President David Malpass noted on October 24, 2022, about the allocation of an additional $500 million to Ukraine to finance urgent needs caused by a full-scale Russian invasion.
Source: The World Bank Group President David Malpass
Financing by the International Bank for Reconstruction and Development, the basic lending arm of the World Bank, was supported by a $500 million loan guarantee from the United Kingdom that was announced on September 30, 2022.
“The Russian invasion continues to cause massive destruction of Ukraine’s infrastructure – including water, sanitation, and electricity networks – just as winter is approaching, further endangering Ukrainian people,” said the World Bank Group President David Malpass.
It is noted that the allocation of funds was approved ahead of a recovery conference, which will take place on October 25 in Berlin, where national leaders, development experts and CEOs will discuss how to rebuild Ukraine following the Russian invasion.
“The new portion of financing disbursed today will be used to maintain essential government services. We stand firmly to support the Ukrainian people as they face this unparalleled crisis,” concluded David Malpass.
See also: Ukraine received a €446.8 million loan from the World Bank
