Ukraine says it received $1.34B under World Bank project

By Burc Eruygur

ISTANBUL (AA) – Ukraine on Monday said it has received a total of $1.34 billion under a World Bank project to support the war-stricken country.

“The financing consists of a $1.086 billion loan from the World Bank, which was provided through the Advancing Needed Credit Enhancement for Ukraine (ADVANCE Ukraine) Trust Fund under the guarantee of the Japanese government,” said a statement by the Ukrainian Finance Ministry.

It added that other outlays included in the overall funds sent to Ukraine are $190 million from Norway through the World Bank’s the Ukraine Relief, Recovery, Reconstruction, and Reform Trust Fund, $50 million from the US, and $20 million from Switzerland.

“The funds will be used to partially compensate for non-security and defense-related expenditures of the Ukrainian State Budget, including old-age social payments and payments to employees of the State Emergency Service,” the statement further said.

It quoted Finance Minister Sergii Marchenko as saying that international financial assistance is a “significant contribution to maintaining Ukraine’s financial and economic stability and allows us to provide priority social expenditures during the war.”

He added: “Since the beginning of the full-scale invasion, the governments of Japan, the United States, Norway and Switzerland have repeatedly demonstrated their unwavering support and solidarity for Ukraine. I am grateful to our partners for their willingness to cooperate and help us at a crucial time for Ukraine.”

Kiev received the funding under the flagship World Bank project of Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE).