WASHINGTON –
The World Bank on Monday said it has disbursed an additional $500 million to help Ukraine meet urgent spending needs resulting from Russia’s February 24 invasion and the ongoing war.
The International Bank for Reconstruction and Development, the bank’s main lending arm, is backed by a $500 million loan guarantee from the UK that was announced on September 30, the bank said.
It comes ahead of a restoration conference taking place in Berlin on Tuesday, where national leaders, development experts and CEOs will discuss how to rebuild Ukraine after the Russian invasion, now in to the ninth month.
“The Russian invasion continues to cause massive destruction of Ukraine’s infrastructure – including water, sanitation and power grids – just as winter approaches, further endangering the population. Ukraine,” World Bank Group President David Malpass said in a statement.
“The new funding disbursed today will be used to maintain essential government services. We stand firm to support the people of Ukraine as they face this unparalleled crisis.”
The World Bank has mobilized a total of $13 billion in emergency funding for Ukraine, of which $11.4 billion has been disbursed.
The Russian invasion has caused more than $97 billion in direct damage to Ukraine as of June 1, but it could cost nearly $350 billion to rebuild the country, the World Bank, the Ukrainian government and The European Commission said in a report published in September.
Moscow has called its actions a special military operation aimed at eliminating neighboring extremists.
(Reported by Andrea Shalal; edited by Muralikumar Anantharaman)
