World Bank establishes trust fund to support and restore Ukraine

The World Bank reported the information in the statement.

“The World Bank announced today that it has established a multi-donor trust fund aimed at supporting the Government of Ukraine as it addresses the relief and the subsequent recovery of the country, driven by critical needs from the ongoing war.," press release said

Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF), which will be managed by the World Bank, will provide a coordinated mechanism for financing and supporting activities of the government of Ukraine. In addition, it is aimed at planning and implementing a program of reconstruction and reforms in Ukraine.

“Led by a founding pledge from Switzerland, contributors to the URTF include Austria, Iceland, Lithuania, the Netherlands, Norway, and Sweden for an initial total of $250 million,” the statement said. 

Canada and Japan have also pledged support to the URTF and other partners are expected to join.

“Efficient and coordinated donor support for the Government and the people of Ukraine are critical for Ukraine’s recovery, reconstruction, and reform efforts. The URTF will bring together development partner financing, World Bank expertise, and other key support to meet the massive needs ahead, while also leveraging the Bank’s value add and broad range of financing instruments,” Vice President of the World Bank for Europe and Central Asia Anna Bjerde emphasized.

In addition, the Fund is organized as a flexible platform, which should ensure the ability to quickly respond to the needs of Ukraine during the first 10 years of its activity.