The World Bank has approved an additional support package for Ukraine of more than $700 million.
The World Bank’s Board of Executive Directors approved over $489 million of the Development Policy Loan, called Financing of Recovery from Economic Emergency in Ukraine (FREE Ukraine) between Ukraine and the International Bank for Reconstruction and Development.
In particular, a loan from the World Bank will amount to $350 million, and credit guarantees from the Netherlands and Sweden will amount to $139 million.
The World Bank has created a multi-donor Trust Fund with contributors UK, Denmark, Latvia, Lithuania and Iceland. The size of the fund is $134 million in grant money.
In addition, Japan will provide a $100-million loan of parallel financing.
The IBRD loan is provided to cover financial needs arising from the war, in particular, to protect the fixed costs of critical public and social services and to maintain the pace of reforms under the terms of the Second Economic Recovery Development Policy Loan. (Government portal/Business World Magazine)
