World Bank announces additional $530M aid for Ukraine

By Aysu Bicer

ANKARA (AA) - The World Bank has announced an additional $530 million in aid to help Ukraine cover essential "public services such as health, education, and social protection."

The UK and Denmark, as donor countries, enabled $500 million and $30 million in loan guarantees, respectively, to meet Ukraine’s urgent needs caused by the war, according to a statement by the bank.

"The toll of destruction, damage, and dislocation in Ukraine is staggering and continues to grow," said Anna Bjerde, the World Bank regional vice president for Europe and Central Asia.

"The Ukrainian people have a long road to recovery ahead and development partners will need to continue to pull together to support Ukraine’s reconstruction," she said.

So far, the World Bank has mobilized nearly $13 billion in emergency financing for Ukraine, including commitments and pledges from donors, of which $11 billion has been fully disbursed.

"Our most recent analysis shows that the total long-term cost of reconstruction and recovery in Ukraine are enormous, with the needs even for the next three years totaling well over $100 billion, a figure that is expected to grow as the war continues," warned Arup Banerji, the World Bank regional country director for Eastern Europe.

"But the Government of Ukraine is focusing on immediate social needs, and ensuring that urgent recovery and repairs are completed, while preparing for the enormous tasks around reconstruction," he underlined.