WASHINGTON: The World Bank on Friday announced an additional $2.5 billion in financing for Ukraine, aimed at supporting essential services and essential government functions as war rages in the country.
The funding comes a year after the Russian invasion, and the development lender has mobilized more than $20.6 billion in emergency financing for Ukraine to date.
“One year after the Russian invasion of Ukraine, the world continues to witness the horrific devastation inflicted on the country and its people,” World Bank President David Malpass said in a statement.
The funds are provided by the United States Agency for International Development and will be transferred to the government of Ukraine after verification of eligible costs by the bank.
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“We will continue to support the people of Ukraine through emergency repair projects and coordination with the government on recovery and reconstruction efforts,” Malpas said.
The World Bank added in a statement that the financing it facilitates for public spending in Ukraine is “structured to help minimize the risk of corruption.”
On Friday, Ukrainian President Volodymyr Zelensky vowed to do everything to defeat Russia this year, on the anniversary of Europe’s biggest conflict since World War II.
The United States stepped up sanctions on Moscow, this time targeting the country’s banks, military industry and access to semiconductors, while the Group of Seven industrialized nations threatened “heavy costs” to break the embargo.
The first German-made Leopard battle tanks have also arrived in Ukraine, while Poland is expected to send more tanks soon.