The World Bank additionally allocated $500 million to Ukraine
The World Bank has announced an additional $500 million it is providing to Ukraine for urgent needs caused by Russia’s invasion on February 24 and the ongoing war.
– Financing by the International Bank for Reconstruction and Development, the main credit division of the bank, was supported by credit guarantees in the amount of $500 million from Great Britain, which were announced on September 30, – the WB specifies.
The funds were allocated on the eve of the conference on the reconstruction of Ukraine, which will be held on Tuesday, October 25, in Berlin.
The President of the World Bank Group, David Malpass, emphasized that the Russian Federation continues to destroy Ukraine’s infrastructure, in particular, water and electricity networks.
According to him, the new part of the funding will be used to support basic public services.
In general, the World Bank mobilized emergency financing for Ukraine in the total amount of $13 billion, of which $11.4 billion was fully disbursed.
World Bank experts believe that due to the war, the economy of Ukraine will fall by approximately 30% in 2022.
According to their forecasts, it will begin to recover in 2023, but very slowly.
