World Bank approves additional US$610 million Ukraine aid package
- Financing is aimed at sustaining essential services in Ukraine and supporting health care as war rages on
- The war has hit Ukraine’s health sector, critical energy infrastructure, as well as transport networks
The World Bank on Tuesday said it had approved an additional financing package totalling US$610 million to address urgent relief and recovery needs in Ukraine as the war with Russia continues.
The package includes an additional US$500 million loan from the World Bank’s International Bank for Reconstruction and Development (IBRD) that is supported by a guarantee from Britain, and a new project to restore and improve access to healthcare and address war-related needs for health services, the global lender said.
The aid comes on top of some US$18 billion already mobilised for Ukraine by the World Bank, of which some US$15 billion has been disbursed.
“Russia’s invasion of Ukraine continues to have devastating economic and humanitarian consequences, impacting the health sector, critical energy infrastructure, and transport networks,” World Bank Group President David Malpass said in a statement.
The additional US$500 million in IBRD lending for the Public Expenditures for Administrative Capacity Endurance (PEACE) Project, will help the Ukrainian government cover expenditures related to child and family benefits, salaries of public employees and utility payments, the World Bank said.
The remaining US$110 million would go to a Health Enhancement and Life-saving (HEAL Ukraine) Project aimed at improving and strengthening primary healthcare, addressing increased demand for mental health and rehabilitation services due to the war, and restoring services in hospitals that are facing capacity constraints, it said.