World Bank Plunks In $500-M To Meet Ukraine's Spending Needs

The World Bank (WB) has announced the disbursement of an additional $500 million to help Ukraine meet urgent spending needs caused by Russia’s full-scale invasion, Ukrinform reported.

Photo Insert: World Bank representatives hold a video conference with Ukrainian President Volodymyr Zelensky.

“The financing by the International Bank for Reconstruction and Development (IBRD), the bank’s main lending arm, was supported by $500 million in loan guarantees from Britain that were announced on Sept. 30,” WB’s statement read.

It comes on the eve of a recovery conference taking place in Berlin on Tuesday, where national leaders, development experts and CEOs will discuss how to rebuild Ukraine after Russia’s invasion, Reuters also reported.

“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,” WB Group President David Malpass noted in a statement.

As of June 1, 2022, Russia’s invasion caused over $97 billion in direct damages to Ukraine, but it could cost nearly $350 billion to rebuild the country, the WB, Ukrainian government, and the European Commission said in a report released in September 2022.

A portion of financing will be used to maintain essential government services. “We stand firmly to support the Ukrainian people as they face this unparalleled crisis,” WB added. The World Bank has mobilized a total of $13 billion in emergency financing for Ukraine, of which $11.4 billion has been fully disbursed.

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