The World Bank on March 7 approved a $723 million package in loans and grants for Ukraine amid the Russian invasion.
Called the Financing of Recovery from Economic Emergency in Ukraine (FREE Ukraine), the package consists of a supplemental loan for $350 million and guarantees from the Netherlands and Sweden for $139 million.
The package also mobilizes grant financing of $134 million from Britain, Denmark, Latvia, Lithuania, and Iceland, as well as $100 million of financing from Japan.
According to the World Bank, the funds will help the Ukrainian government provide critical services to its people, including wages for hospital workers, pensions for the elderly, and social programs for the vulnerable, as Russian forces continue to bomb Ukrainian cities.
“The World Bank Group is taking quick action to support Ukraine and its people in the face of the violence and extreme disruption caused by the Russian invasion,” World Bank President David Malpass said.
“The World Bank Group stands with the people of Ukraine and the region. This is the first of many steps we are taking to help address the far-reaching human and economic impacts of this crisis,” Malpass further said.
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