World Bank approves $723 million in emergency support for Ukraine
The World Bank said its board approved a package of loans and guarantees for Ukraine totalling $723 million.
The funding will help the Ukrainian government pay for government services, “including wages for hospital workers, pensions for the elderly, and social programs for the vulnerable,” the bank said in a statement on Monday.
The bank said it's preparing an additional $3 billion in support for Ukraine and neighboring countries, which have taken in more than 1.7 million refugees since the Russian invasion began.
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“The World Bank Group is taking quick action to support Ukraine and its people in the face of the violence and extreme disruption caused by the Russian invasion,” World Bank President David Malpass said in a statement. “The World Bank Group stands with the people of Ukraine and the region. This is the first of many steps we are taking to help.”
The funding announced on Monday includes $350 million in supplemental loans, along with guarantees totalling $139 million from the Netherlands and Sweden, the bank said. Grant financing totalling $134 million will come from the United Kingdom, Denmark, Latvia, Lithuania and Iceland. Japan is providing $100 million in additional financing, the bank said.