World Bank Approves $200m In Additional Funding For Ukraine
The World Bank on Monday announced nearly $200 million in additional financing to help Ukraine’s social services for vulnerable people.
With the latest funding, the bank has mobilized more than $925 million in support for the country.
“This comes on top of the $723 million mobilized for Ukraine and its people last week, of which $350 million has already been disbursed to Ukraine,” it said in a statement.
The financing is part of a $3 billion package of support that the bank previously announced that it was preparing for Ukraine over the coming months.
As part of the mobilization efforts, Austria has contributed €10 million ($11 million) to the Multi-Donor Trust Fund (MDTF) set up by the World Bank to facilitate channeling grant resources from donors to Ukraine.
“The ongoing war continues to have severe human costs and has created financing gaps that jeopardize the ability of vulnerable people in Ukraine to meet basic needs,” said World Bank Group President David Malpass.
“This rapid support will help to bridge those gaps during a time of extreme disruption as we work on broader support efforts for Ukraine and the region.”
The Russia-Ukraine war, which began on Feb. 24, has drawn international condemnation, led to financial sanctions on Moscow and spurred an exodus of global firms from Russia.
At least 636 civilians have been killed and 1,125 injured in Ukraine since the beginning of the war, according to the UN. It has warned, however, that the true toll is likely much higher as it has not been able to gain access to areas of increased hostilities.
Some 2.8 million people have also fled to neighboring countries, said the UN refugee agency.
The UN will provide an additional $40 million in humanitarian aid to assist those hardest hit by the conflict, UN Secretary-General Antonio Guterres announced.