The World Bank grant will be used to support social and humanitarian expenses in Ukraine
According to the Ministry of Finance of Ukraine, Ukraine will receive around $1.37 billion as grant funding from the World Bank through its PEACE in Ukraine Project.
The PEACE in Ukraine Project is a World Bank initiative which provides financial support for the state budget of Ukraine, focusing on social and humanitarian expenses that are not related to security or defense.
Since Russia’s full scale invasion, the PEACE project in Ukraine has provided nearly $28 billion in budget support and more than EUR1.4 billion ($1,5 billion).
The ministry reports that World Bank Regional Director Bob Som and Finance Minister Serhii Marenko signed the grant agreement on November 8, 2008.
According to a statement from the ministry, the PEACE in Ukraine Project aims to partially reimburse state budget expenditures. This includes social and humanitarian costs that are not related to security or defense.
According to the Ministry of Finance, the funding package is divided into two components:
The United States has granted a grant of $1.35 billion
* EUR10.8 Million ($11.8 mn), from the Multi-Donor Trust Fund, co-financing of the Second Development Policy Loan to Ukraine’s Economic Recovery Program
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