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World Bank Board Approves $1.49 Billion in New Funding for Ukraine

On Tuesday, The World Bank said its executive board approved $1.49 billion in additional financing for Ukraine to help pay the government and social workers, expanding the bank’s total pledged support for Kyiv to more than $4 billion.

The World Bank said Ukraine’s latest funding round was backed by financing guarantees from the United Kingdom, the Netherlands, Lithuania and Latvia. The project has also received parallel funding from Italy and a new multi-donor trust fund.

Ukraine has said it needs at least $5 billion a month in the short term to keep its government afloat amid Russia’s invasion since February and battle to shut down much of its economy. Financial leaders of the Group of Seven industrial democracies pledged $9.5 billion in new funding last month, bringing their non-military support to nearly $20 billion.

The World Bank has been working with donor countries to use its various financing programs to support health care, education, social services, electricity and water, and roads.

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