World Bank provides another $500 million to Ukraine

WASHINGTON (Reuters) – The World Bank said on Monday it has disbursed an additional $500 million to help Ukraine meet urgent spending needs created by Russia’s February 24 invasion and the ongoing war.

Funding by the International Bank for Reconstruction and Development, the bank’s main lending arm, was backed by $500 million in loan guarantees from Britain which were announced on September 30, the bank said. bank.

It comes on the eve of a recovery conference in Berlin on Tuesday, where national leaders, development experts and CEOs will discuss how to rebuild Ukraine after the Russian invasion, which is now entering his ninth month.

“The Russian invasion continues to cause massive destruction of Ukraine’s infrastructure – including water, sewerage and electricity networks – as winter approaches, further endangering the people Ukrainian,” World Bank Group President David Malpass said in a statement.

“The new portion of funding disbursed today will be used to maintain essential government services. We stand firmly with the people of Ukraine as they face this unprecedented crisis. »

The World Bank has mobilized a total of $13 billion in emergency financing for Ukraine, of which $11.4 billion has been fully disbursed.

The Russian invasion has caused more than $97 billion in direct damage to Ukraine through June 1, but rebuilding the country could cost nearly $350 billion, the World Bank, the Ukrainian government and the European Commission in a report published in September.

Moscow called its actions a special military operation to rid its neighbor of extremists.

(Reporting by Andrea Shalal; Editing by Muralikumar Anantharaman)

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