World Bank announces $2.5B additional grant financing for Ukraine

By Ovunc Kutlu

ISTANBUL (AA) - World Bank Group announced Friday an additional $2.5 billion grant financing for Ukraine to support continuity of government services and recovery efforts in the war-torn country.

The grant will provide direct support to Ukraine's budget under the World Bank’s Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) Project to maintain essential services and core government functions amid the ongoing war.

The additional financing package to the PEACE project comes on top of previous grants to support key sectors, such as health care, schools, payment of pensions and internally displaced people, social assistance programs, and wages for employees providing key government services.

The funds will be provided by the US Agency for International Development, known as USAID, it said in a statement.

World Bank Group President David Malpass said the international organization has mobilized $20.6 billion to support Ukraine since the start of Russia's war, of which $18.5 billion has been disbursed and reached more than 12 million Ukrainians.

The amount includes commitments and pledges from donors, some of which are the US, the UK, Germany, Canada, Switzerland and Japan.

"We will continue supporting the people of Ukraine through urgent repair projects and coordination with the Government for recovery and reconstruction efforts," he noted.