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Ukraine receives second installment of additional financing from the UK for USD 203 million through the World Bank project

17 Feb, 2023
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Ukraine receives second installment of additional financing from the UK for USD 203 million through the World Bank project

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Today, the State Budget of Ukraine has received the second installment of additional financing for USD 203 million from the World Bank. The total loan guaranteed by the UK is USD 500 million.

These funds are provided on preferential terms through the World Bank mechanism as a guarantee from the UK under the Agreement on the provision of the fourth additional financing to Ukraine within the framework of the joint Public Expenditures for Administrative Capacity Endurance (PEACE) Project with the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

The loan has a maturity of 18.5 years with a five-year grace period. The interest rate is 0.25% per annum.

"Since the first days of Russia's full-scale war against Ukraine, the UK has been one of the leaders in assisting in all possible areas, including financial aid to our country. This financing allows us to continue to ensure proper funding of priority expenditures. I am grateful to the UK Government and the World Bank team for their unwavering support for Ukraine, thus helping us to achieve a quick victory," said Minister of Finance of Ukraine Sergii Marchenko.

The funds raised will be used to reimburse the state budget expenditures for social assistance payments to families with children and salaries to employees of state higher education institutions.


The Odessa Journal

The Odessa Journal

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