World Bank approves extra $489 mn support package for Ukraine

World Bank approves extra $489 mn support package for Ukraine, The World Bank on Monday approved an
additional $489-million package in sup-port for Uk-raine, to be made available
immediately and dubbed “Financing of Recovery from Economic Emergency in
Uk-raine,” or “FREE Uk-raine.”

On March 1, the Washington-based institution announced it was preparing
emergency aid worth $3 billion for Uk-raine, of which at least $350 million
were to be released immediately. The board of directors decided to disburse
an even larger amount on Monday.

 

World Bank approves extra $489 mn support package for Ukraine

World Bank approves extra $489 mn support package for Ukraine

 

   “The package approved by the Board consists of a supplemental loan for
$350 million and guarantees in the amount of $139 million,” it said in a
statement.

“The fast-disbursing sup-port will help the government provide critical
services to Ukrainian people, including wages for hospital workers, pensions
for the elderly, and social programs for the vulnerable,” it said.

The Ban’k said it was “also mobilizing grant financing of $134 million and
parallel financing of $100 million, resulting in total mobilized sup-port of
$723 million.”

 

 

World Bank approves extra $489 mn support package for Ukraine

 

   The World Ban’k specified that the Netherlands and Sweden were both
contributing significant sums to the package, providing up to $89 million and
$50 million dollars respectively.

The lender said it has also set up a “multi-donor trust fund (MDTF) to
facilitate channeling grant resources from donors to Uk-raine, with
contributions from the UK, Denmark, Latvia, Lithuania, and Iceland in the
amount of $134 million thus far.”

 

 

World Bank approves extra $489 mn support package for Ukraine

 

   It called on members to provide other grants to beef up funding.

Twelve days of war have left hundreds of civilians dead and thousands more
injured in Uk-raine.

More than 1.7 million people have fled the country since the start of the
Russian invasion on February 24, more than half of whom have taken refuge in
Poland, according to UN tallies.

World Bank halts all projects in Russia and Belarus

The World Ban’k on Wednesday
announced it was halting all of its ongoing projects in Russia and Belarus in
response to the invasion of Uk-raine.

Citing the “hostilities against the people of Uk-raine,” the development
lender said it “has stopped all its programs in Russia and Belarus with
immediate effect.”

 

World Bank approves extra $489 mn support package for Ukraine

 

   The Ban’k finances infrastructure projects and provides policy advice to
members, but “has not approved any new loans to or investments in Russia
since 2014. There has also been no new lending approved to Belarus since mid-
2020.”

According to the website, the institution has 11 ongoing projects in
Belarus for a total cost of $1.2 billion, and which deal with energy,
education, transportation and Covid-19 response.

With Russia, there are just four projects costing $370 million, which
largely deal with policy issues.

 

 

World Bank approves extra $489 mn support package for Ukraine

 

   The bank on Tuesday announced that it is preparing a $3 billion aid
package for war-torn Uk-raine, which will include at least $350 million in
immediate funds, while the IMF also is preparing to provide emergency
assistance to the country.

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