The Board of Executive Directors of the World Bank (WB) has approved a USD 1.5 billion loan to Ukraine under the guarantee of the Japanese government. This is stated in WB's press release, Ukrinform reports.
WB Vice President for Europe and Central Asia Antonella Bassani said that since February 2022, WB has worked tirelessly with the international donor community to provide emergency financing to help the government of Ukraine maintain essential functions. Ukraine, in turn, has demonstrated remarkable resilience in the face of Russia's invasion. WB commends Ukraine's government for undertaking difficult reforms at a time of Russia’s war with an eye to the future and with a view to the country's long-term development. WB will continue its strong support to help Ukraine recover and build an even stronger economy.
The loan will be used to strengthen the social protection system in Ukraine by assisting the most vulnerable population segments.
The loan is also aimed at supporting reforms that will enhance the transparent use of public funds.
In addition, it will strengthen the ability of Ukrainian markets to function during the war and contribute to economic recovery through reforms in the land, energy, and financial markets.
Finance Minister Sergii Marchenko said that since the beginning of Russia's full-scale war, WB has mobilized USD 34 billion to support Ukraine. Kyiv has already received over USD 22 billion of this amount.
