World Bank-mobilized assistance now totals $20.6 Billion
WASHINGTON, Feb. 24, 2023—The World Bank today announced $2.5 billion in additional grant financing for Ukraine. The grant provides direct support to Ukraine’s budget under the World Bank’s Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) Project, to maintain essential services and core government functions amid the on-going war. The funds, provided by the United States Agency for International Development (USAID), will be transmitted to the Government of Ukraine after appropriate verification of eligible expenditures are made by the World Bank.
This additional financing package to the PEACE project builds on previous grants and will support key sectors, including health care, schools, payment of pensions, payments for internally displaced people, social assistance programs, and wages for employees providing core government services.
“One year into Russia’s invasion of Ukraine, the world continues to witness the horrific destruction inflicted on the country and its people,” said World Bank Group President David Malpass. “I’m pleased that the World Bank has mobilized $20.6 billion to support Ukraine since the start of the war, of which $18.5 billion has been disbursed, reaching more than 12 million Ukrainians. We will continue supporting the people of Ukraine through urgent repair projects and coordination with the Government for recovery and reconstruction efforts.”
The additional financing adds to several previously announced packages for the PEACE project (see the full list of World Bank mobilized financing.)
World Bank-facilitated financing for public expenditures in Ukraine is structured to help minimize the risk of corruption by retroactively funding basic eligible expenditures after verifying that funds have reached the intended beneficiaries and directly supporting the citizens of Ukraine.
To date, the World Bank has mobilized over $20.6 billion in emergency financing in support of the people of Ukraine, including commitments and pledges from donors: United States, UK, Netherlands, Spain, Norway, Germany, Canada, Switzerland, Sweden, Denmark, Austria, Finland, Ireland, Lithuania, Latvia, Iceland, Belgium, and Japan (parallel financing). This vital support continues to be pivotal in addressing the devastating human and economic impacts of the on-going war.