Funds will be provided as grants. Already in August, Ukraine should receive three billion dollars.
The World Bank will provide Ukraine with an additional $4.5 billion grant loan to Ukraine allocated by the United States under the PEACE project.
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“The United States, through the United States Agency for International Development (USAID), in coordination with the US Treasury Department, is providing an additional $4.5 billion in direct budget support to the government of Ukraine to help alleviate the severe deficit in budget caused by Putin’s brutal military aggression,” USAID said in a statement. .
The money will be disbursed in tranches, starting with a $3 billion payment in August.
The WB said the funding will help maintain the Ukrainian government’s ability to carry out key functions at the national and regional levels.
In particular, the funds will help Ukraine cover social benefits, medical services and pensions, which are necessary for the well-being of the country’s citizens and to mitigate the social and economic consequences of the war.
The bank added that the additional funding is on top of the $1.49 billion Investment Project Financing (IPF) approved in June.
In total, the World Bank has mobilized nearly $13 billion in emergency funding, including pledges and commitments from donors, to support the continuation of essential public services in Ukraine and mitigate the effects of the war. By the end of July, more than $6.3 billion had been disbursed from this fund.
Recall that the European Commission has developed a new project of promised financial assistance to Ukraine in the amount of eight billion euros: five billion will be given as loans, three billion as non-reimbursable grants.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.