**World Bank Approves $2.05 Billion in Funds for Ukraine**
The World Bank’s Board of Directors has approved a large sum of money to help Ukraine with its economic development and reconstruction. The funds, worth $2.05 billion, are part of a bigger loan package from the G7 countries.
These funds will come from two main sources. One is the Facilitation of Resources to Invest in Strengthening Ukraine Financial Intermediary Fund (F.O.R.T.I.S.), which has given $1 billion. The other is the Advancing Needed Credit Enhancement (ADVANCE) Ukraine Trust Fund, supported by the UK and Japan, which will provide $1.05 billion.
Ukraine’s Prime Minister, Shmyhal, expressed gratitude to the World Bank and its partners for their support in helping the country grow economically. He said this on Telegram, a messaging app.
The money will be used to help Ukraine develop its economy by supporting key sectors like railways, banking, and renewable energy. It will also help increase domestic revenues, which means more income from within the country.
In related news, the European Union has announced that it will start paying its portion of the G7 loan in January. This comes after the EU said it would contribute 18.1 billion euros ($18.8 billion) to the total amount.