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Ukraine has received a $760 million grant from Japan and Norway through the World Bank's PEACE project

28 Feb, 2024
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Ukraine has received a $760 million grant from Japan and Norway through the World Bank's PEACE project

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Ukraine has received $760 million USD as a non-refundable contribution to the general fund of the State Budget of Ukraine, as the second grant of the Sixth Additional Financing within the World Bank's project "Supporting State Expenditures for Sustainable Governance in Ukraine" (PEACE in Ukraine).

The additional financing consists of grants from the Governments of Japan and Norway ($465 million USD and $295 million USD respectively).

These funds will be directed towards partially compensating expenditures of the State Budget of Ukraine not related to the security and defense sector, including pension payments, salaries for employees of the State Emergency Service (SES), and salaries for educators.

"Since the beginning of the full-scale invasion, the governments of Japan and Norway have repeatedly demonstrated their unwavering support and solidarity with Ukraine. The assistance of international partners is critically important for financing Ukraine's social sphere during the war. I am grateful to our partners for their readiness to help and actively cooperate during this crucial time for Ukraine," emphasized the Minister of Finance of Ukraine, Serhiy Marchenko.

In 2024, Ukraine has already received approximately $1.2 billion USD in external financial assistance from donors through World Bank projects, of which nearly 75% are grants.

The Odessa Journal

The Odessa Journal

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