Total support mobilized by the World Bank now stands at $13 billion
WASHINGTON, September 30, 2022 —The World Bank today announced an additional $530 million to help the Ukrainian government meet the urgent needs created by the Russian invasion of Ukraine. The IBRD financing is backed by one-time loan guarantees from the United Kingdom ($500 million) and the Kingdom of Denmark ($30 million) and was mobilized under the Public Expenditure Project for Maintaining Administrative Capacity in Ukraine (PEACE), which supports the continued capacity of government, including the provision of basic 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 very grateful to the people of the United Kingdom and the Kingdom of Denmark for their continued help. The people of Ukraine have a long way to go to recover and development partners should continue to unite to support the reconstruction of Ukraine.
To date, the World Bank has mobilized nearly $13 billion in emergency financing for Ukraine, including pledges and pledges from donors, of which $11 billion has been fully disbursed. The aid has enabled Ukraine to continue providing essential government services to the population and has helped to mitigate the effects 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 is enormous, with needs even for the next three years totaling well over $100 billion, a figure that is expected to rise as the war continues, said Arup Banerji, World Bank Regional Director for Eastern Europe. “But the Ukrainian government is focusing on immediate social needs and ensuring that urgent recovery and repairs are completed, while preparing for the enormous tasks of reconstruction. We welcome the continued generosity and commitment of international partners to ensure that the people of Ukraine can both survive this crisis and thrive in the future.
Quotes from Donor Governments
**James Cleverly, **UK Foreign Secretary
“The UK Guarantee Funding will unlock additional urgent financial support that is needed to help maintain Ukraine’s economic resilience and courageous resistance against Russia’s brutal invasion.”
Flemming Moller MortensenMinister for Development Cooperation of the Kingdom of Denmark
“Denmark is proud of its commitment to support Ukraine through the World Bank. Today is an important day, as the loan to Ukraine supports essential functions and helps cover social payments to support pensioners, teachers and health workers in Ukraine. The €40 million guarantee follows a Danish grant of €20 million through the World Bank for the same purpose. This brings Denmark’s total military and civilian aid – including humanitarian and financial aid – to more than 563 million euros since the start of the Russian invasion of Ukraine in February this year. This proves our close partnership with the World Bank and Ukraine.
PRESS RELEASE No.: 2023/ECA/16
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