Espreso. Global

Ukraine will get $1.5bn World Bank loan, guaranteed by Japan

20 July, 2023 Thursday
22:23

The World Bank and the Ukrainian Ministry of Finance have signed a USD 1.5 billion loan agreement under Japanese guarantees

The document was signed during a meeting between Ukrainian Prime Minister Denys Shmyhal and Antonella Bassani, Vice President of the Europe and Central Asia Region at the World Bank.

Shmyhal wrote about this on Telegram.

"The funds are intended to strengthen social protection and provide assistance to people during the war and to restore the economy," Shmyhal wrote.

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The Prime Minister noted that in total, the World Bank Group and its partners have mobilized USD 34 billion to help Ukraine, of which more than USD 22 billion has already been transferred to the budget.

"We are especially grateful for the largest investment project in the Bank's history, the Public Expenditure for Administrative Capacity Endurance (PEACE) project, which helps finance social benefits and pensions. We appreciate our close cooperation and look forward to further joint projects for the recovery and development of Ukraine," Shmyhal added.

According to the Prime Minister, the World Bank Group plans to mobilize over USD 8 billion for new programs in Ukraine, particularly in agriculture and social policy.

"We talked about this at a meeting with World Bank Vice President Antonella Bassani and International Finance Corporation (IFC - ed.) Vice President Alfonso Garcia Mora. The parties also discussed the preparation of an updated Rapid Damage and Needs Assessment for Ukraine (RDNA3), which will include, among other things, the damage caused by Russia's destruction of the Kakhovka hydroelectric power plant. In addition, IFC is preparing a program to support small and medium-sized businesses in Ukraine. I welcomed the reopening of the offices in Kyiv. We appreciate our joint work under the Multi-Donor Financial Platform," Shmyhal said.

Earlier it was reported that the Ukrenergo power company would receive USD 240 million from the World Bank to restore the power system.

On June 21, the United States said they would provide Ukraine with a new USD 1.3 billion financial assistance package. The funds will be used, in particular, to restore the power grid, infrastructure, and to help businesses.

On the sidelines of the G20 Finance Ministers' Summit in India, US Treasury Secretary Janet Yellen said that doubling support for Ukraine in repelling Russian aggression is the best way to help the global economy.

On July 17, during a visit to Kyiv, USAID Administrator Samantha Power announced the allocation of more than USD 500 million in additional humanitarian aid for the needs of Ukrainians affected by Russia's full-scale invasion. She also noted that since February 2022, the United States has allocated a total of more than USD 2.6 billion in humanitarian aid to Ukraine.

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