1.49 billion US dollars from the World Bank for Ukraine

1.49 billion US dollars from the World Bank for Ukraine

 The World Bank's Board of Executive Directors on Tuesday approved $1.49 billion in additional financing for Ukraine. Reported by Interfax, this funding is under the Public Expenditure Project for the Resilience of Administrative Capacity in Ukraine. 

“Funding from this new project will be used to pay wages for the government and social workers. The project has benefited from financing guarantees from the UK, Netherlands, Lithuania and Latvia; parallel financing from Italy and expected future guarantees, including from Denmark," Ukrainian media quoted the bank as saying. The project has also been co-financed by contributions to the new Multi-Donor Trust Fund (MDTF) from several countries, including Switzerland. The World Bank Group continues to provide support for Ukraine and its people, said World Bank Group President David Malpass in a press release.

 "We are working with donor countries to mobilize financial support and take advantage of the flexibility of our various financing instruments to help provide Ukraine with access to health, education and social protection services," he said. Maintaining these core services and the government's ability to provide them is critical to preventing further deterioration in living conditions and poverty in Ukraine, said World Bank Country Director for Eastern Europe Arup Banerji. "In addition, maintaining the government's ability to function will be the basis for any future recovery and reconstruction," he said.

 This new financing is part of a total support package of more than US$4 billion mobilized by the World Bank, which is an increase from the previous estimate of US$3 billion. Nearly $2 billion of these funds have been disbursed, the bank said. Since Ukraine joined the World Bank in 1992, the bank's commitments to the country have reached nearly $16 billion in about 90 projects and programmes, including projects approved on Tuesday.

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