World Bank sends USD530M fund for Ukraine| MENAFN.COM

Tuesday, 29 November 2022 06:34 GMT

World Bank sends USD530M fund for Ukraine


(MENAFN) The World Bank has stated an extra USD530 million in assistance to aid Ukraine cover needed "public services such as health, education, and social protection."

The UK and Denmark, as donor nations, allowed USD500 million and USD30 million in loan guarantees, one-to-one, to achieve Ukraine’s vital requirements triggered by the conflict, in line with a declaration issued 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.

Up to now, the World Bank has mobilized approximately USD13 billion in emergency funding for Ukraine, as well as pledges and pledges from donors, of which USD11 billion has been fully paid.

"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 USD100 billion, a figure that is expected to grow as the war continues," as cautioned by Arup Banerji, the World Bank regional country manager 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 underscored.

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