Ukraine will receive a USD 4.5 billion grant through the World Bank’s Trust Fund

(FILES) In this file photo taken on May 20, 2021 The World Bank headquarters is seen in Washington, DC. - The World Bank on August 8, 2022 announced it was mobilizing another $4.5 billion in US-provided financial support for war-torn Ukraine. (Photo by Daniel SLIM / AFP)

November 24, Minister of Finance of Ukraine Sergii Marchenko and World Bank Regional Country Director for Eastern Europe (Belarus, Moldova, and Ukraine) Arup Banerji signed an Agreement on providing Ukraine with a grant in the amount of USD 4.5 billion.

The specified grant funds were provided by the USA and sent through the Trust Fund of many donors as the third additional financing under the project Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE).

“We are grateful to the Government of the United States of America and the World Bank team for our long-term cooperation, financial support and solidarity with Ukraine. These grant funds are a significant contribution to the financing of urgent needs for our country. This will allow us to continue to ensure the payment of wages, social and pension benefits and assistance for internally displaced persons in the conditions of the fight against the aggressor,” said Minister of Finance of Ukraine Sergii Marchenko during the signing of the Agreement.

Raised grant funds in the amount of USD 4.5 billion will be directed to the provision of pension payments and certain programs of state social assistance, such as payment of housing and communal services, support of low-income families, disabled children and disabled from childhood, IDPs, payment of medical services under the medical guarantee program, etc.

Background

Ukraine is implementing a joint project with the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) Public Expenditures for Administrative Capacity Endurance (PEACE) in Ukraine for a total amount of USD 6.3 billion and EUR 1.441 billion, of which USD 5.8 billion are grant. These funds are aimed at reimbursing the State Budget expenditures made to ensure the remuneration of employees of state bodies and budgetary institutions in the field of education, provision of pension payments and certain state social assistance programs, payment of medical services under the medical guarantee program at both the national and regional levels.

Read also: First Lady Olena Zelenska became the honored guest at the Forum of the First Ladies of the Commonwealth Caribbean