World Bank announces 530 million dollars in new funding for Ukraine
Written by Olarotimi Oshin on October 1, 2022
The World Bank has announced five hundred and thirty million dollars to serve as supplemental funding for Ukraine to enable it to “meet urgent needs created by Russia’s invasion.”
According to a statement released on Friday by the World Bank, the support came in the form of a loan obtained from the International Bank for Reconstruction and Development and is being guaranteed by Britain to the tune of five hundred million dollars, with Denmark backing the remaining thirty million dollars.
The bank’s regional vice president for Europe and Central Asia- Anna Bjerde, noted that World Bank estimates put the cost of reconstruction and recovery for Ukraine at a hundred billion over the next three years, Adding that a thirteen billion dollars have been mobilized for emergency funding for Ukraine.