World Bank Mobilizes Additional $530 Million in Support to Ukraine
WASHINGTON —The World Bank today announced an additional $530 million to help the Government of Ukraine meet urgent needs created by Russia’s invasion of Ukraine. The IBRD financing is supported by timely loan guarantees by the United Kingdom ($500 million) and the Kingdom of Denmark ($30 million) and was mobilized under the Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) Project, which supports continued government capacity, including the provision of core public services such as health, education, and social protection.
“The toll of destruction, damage, and dislocation in Ukraine is staggering and continues to grow,” said Anna Bjerde, World Bank Regional Vice President for Europe and Central Asia. “The support of the international community so far has been impressive, and we are so grateful to the people of United Kingdom and the Kingdom of Denmark for their continued assistance. The Ukrainian people have a long road to recovery ahead and development partners will need to continue to pull together to support Ukraine’s reconstruction.”
To date, the World Bank has mobilized nearly $13 billion in emergency financing for Ukraine, including commitments and pledges from donors, of which $11 billion has been fully disbursed. The assistance has allowed Ukraine to continue providing essential government services to the population and helped ease the impacts of the widespread human and economic losses caused by the war.
“Our most recent analysis shows that the total long-term cost of reconstruction and recovery in Ukraine are enormous, with the needs even for the next three years totaling well over $100 billion, a figure that is expected to grow as the war continues,” said Arup Banerji, World Bank Regional Country Director for Eastern Europe. “But the Government of Ukraine is focusing on immediate social needs, and ensuring that urgent recovery and repairs are completed, while preparing for the enormous tasks around reconstruction. We welcome the continuous generosity and commitment of international partners in ensuring that the people of Ukraine can both survive this crisis and prosper in the future.”
Quotes from Donor Governments
James Cleverly, Foreign Secretary of the United Kingdom
“UK guarantee financing will unlock further urgent financial support that is needed to help sustain Ukraine’s economic resilience and their courageous resistance against Russia’s brutal invasion.”
Flemming Møller Mortensen, Minister for Development Cooperation of the Kingdom of Denmark
“Denmark is proud of our commitment to support Ukraine through the World Bank. Today is an important day, as the loan to Ukraine sustains core functions and helps cover social payment to support pensioners, schoolteachers and health workers in Ukraine. The EUR 40 million guarantee follows a Danish grant of EUR 20 million through the World Bank for the same purpose. This brings Denmark’s total of military and civilian – including humanitarian and financial support — to more than EUR 563 million since the beginning of the Russian invasion of Ukraine in February this year. It proves our close partnership with the World Bank and Ukraine.”