Since Russia invaded Ukraine in February 2022, the World Bank and other development partners have mobilized more than $37.5 billion for Ukraine through June 30, 2023, of which over $19.5 billion has been disbursed through IBRD/IDA trust funds. While these trust funds consistently devote a large share of their resources to projects in countries on the World Bank’s official list of fragile and conflict-affected situations, REdisbursements for FCV-affected countries climbed to 94 percent of total RE disbursements in fiscal 2023, largely due to support for Ukraine (Figure 4.1). RE disbursements for FCV-affected countries from fiscal 2019–23 totaled $25.3 billion and 77 percent of this went to Ukraine through standalone trust funds for the country’s economic recovery.
This huge increase from previous years’ disbursements reflects the shared commitment of the World Bank and development partners to support Ukraine through urgent repair projects and coordination with the government for recovery and reconstruction. These figures also show that trust funds have been a vehicle of choice to deliver fast-disbursing, targeted funding where needed most. Immediately after Russia’s invasion began, the World Bank established two multi-donor trust funds in fiscal 2022 to provide $2.5 billion in grant co-financing to two Bank operations: the Financing of Recovery of Economic Emergency (FREE) Ukraine Supplemental DPO, approved in March 2022, and the Public Expenditures for Administrative Capacity Endurance (PEACE) in Ukraine Project, approved in June 2022.
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