Economy

By Stocksak: World Bank grants additional $500 million to Ukraine


© Stocksak. A view of a residential building that was heavily damaged by a Russian attack in Mykolaiv Ukraine, October 23, 2022. REUTERS/Valentyn Ogirenko

WASHINGTON, (Stocksak), – Monday’s announcement by the World Bank indicated that an additional $500million had been disbursed to Ukraine to meet urgent spending requirements resulting from Russia’s February 24 invasion and ongoing war.

The International Bank for Reconstruction and Development was the bank’s main lending institution. It provided financing through $500 million in loan guarantees from Britain.

It is being held on Tuesday at Berlin’s Recovery Conference, where CEOs, experts, and national leaders will discuss how to rebuild Ukraine following Russia’s invasion. The conference is now in its ninth month.

“The Russian invasion continues to cause massive destruction of Ukraine’s infrastructure – including water, sanitation, and electricity networks – just as winter is approaching, further endangering Ukrainian people,” World Bank Group President David Malpass said in a statement.

“The new portion of financing disbursed today will be used to maintain essential government services. We stand firmly to support the Ukrainian people as they face this unparalleled crisis.”

The World Bank has mobilized $13 Billion in emergency financing for Ukraine. Of this $11.4 Billion has been fully paid.

Russia’s invasion of Ukraine caused more than $97 billion in direct damage to Ukraine between June 1 and June 1, but reconstruction could cost almost $350 billion, according to the World Bank, Ukrainian government, and the European Commission in a September report.

Moscow called the actions a special military operation to exterminate extremists in its neighbor.

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