(Kyiv) – The World Bank has announced that it will provide Ukraine with $2 billion in financial support, an essential boost to the country’s ongoing recovery and economic development. Prime Minister Denys Shmyhal confirmed the news on Friday, outlining how the funds will be allocated.
The assistance will be disbursed through the Development Policy Loan (DPL) mechanism. Of the total, $1 billion will be granted to Ukraine as a non-repayable sum from the Financial Intermediary Funds (FIF), which is financed through U.S. contributions under a G7 initiative. The remaining $1.05 billion will come in the form of a loan, backed by the governments of Japan and the United Kingdom.
Shmyhal also highlighted that this aid marks the beginning of Ukraine receiving funds from frozen Russian assets, a significant development that further emphasizes the international community’s commitment to supporting Ukraine during its ongoing conflict with Russia.
The Prime Minister expressed gratitude to Ukraine’s partners, stating, “Ukraine has taken all the necessary measures to receive the funds. We are grateful to our partners for their support on the path of economic development and reconstruction.”
The agreement, which was approved by the World Bank’s Executive Board just the day before, ensures the financial stability Ukraine needs to continue rebuilding its economy and infrastructure. The Ukrainian Ministry of Finance has already signed the relevant agreements with the World Bank, marking a significant step in securing financial aid from the international community.
The use of frozen Russian assets to fund part of the grant further demonstrates the global consensus on holding Russia accountable for its aggression, with the United States playing a central role in this initiative.
Be First to Comment