WASHINGTON, December 14, 2023—The World Bank announced today $1.34 billion in additional financial support to help sustain critical government services at national and regional levels in Ukraine. This round of financing for the Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) project will continue to provide support for the payment of pensions for the elderly, grants to internally displaced persons, and wages for teachers, first responders and emergency services staff.
The financing package includes a $1.086 billion World Bank loan, backed by a credit enhancement from the Advancing Needed Credit Enhancement for Ukraine (ADVANCE Ukraine) Trust Fund, supported by the Government of Japan; a $190 million grant from the Ukraine Relief, Recovery, Reconstruction, and Reform Trust Fund (URTF); a $20 million grant from the Swiss government; and a $50 million grant from the United States. The funds will be transmitted to the Government of Ukraine after the World Bank receives appropriate verification of eligible expenditures.
The PEACE project is an integral part of the international support package for Ukraine to meet its financing needs through 2024. Other ongoing projects include emergency operations for health, social safety nets, transport, energy, housing, and agriculture that have mobilized partner resources through a flexible design to disburse funds quickly and can be scaled as necessary when additional financing becomes available.
Since Russia’s invasion of Ukraine, World Bank-mobilized support has enabled the Government of Ukraine to provide essential services that are reaching more than 15 million Ukrainians. With today’s announcement the World Bank Group has now facilitated over $39 billion in emergency financing to support Ukraine, including commitments and pledges from donors including: the United States, Japan, the United Kingdom, Norway, the Netherlands, Spain, Germany, Canada, Switzerland, Sweden, Denmark, Austria, Finland, Iceland, Ireland, Indonesia, Lithuania, Latvia, Belgium and the Republic of Korea.
