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Ukraine to receive USD 1.34 billion through World Bank’s PEACE in Ukraine mechanism

15 Dec, 2023
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Ukraine to receive USD 1.34 billion through World Bank’s PEACE in Ukraine mechanism

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The World Bank has announced an additional USD 1.34 billion in financing for Ukraine through the Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) project.

The funds will be used for state social assistance programmes, old-age social payments and critical public services.

The financing will include:

  • USD 1.086 billion loan from the World Bank, funded by the Advancing Needed Credit Enhancement for Ukraine (ADVANCE Ukraine) Trust Fund, supported by the Government of Japan;
  • USD 190 million grant from Norway through the Ukraine Relief, Recovery, Reconstruction, and Reform Trust Fund (URTF);
  • USD 50 million grant from the United States of America;
  • and a USD 20 million grant from the Government of Switzerland.

“I am grateful to the World Bank team, as well as to the Governments of Japan, Norway, the United States and Switzerland for their financial support, solidarity and cooperation with Ukraine at a crucial time for us. The funds raised will be another significant contribution to the financing of critical expenditures of the State Budget of Ukraine, including salaries, social and old-age social payments and assistance to IDPs,” said Minister of Finance of Ukraine Sergii Marchenko.

The PEACE in Ukraine project is the World Bank’s main financial instrument for assisting Ukraine and, since the beginning of the full-scale russian invasion, has allowed foreign donors to join forces to provide uninterrupted critical support to the Government.

The Odessa Journal

The Odessa Journal

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