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Russia Ukraine War: World Bank will give financial assistance of $ 723 million to Ukraine

Russia Ukraine War: World Bank will give financial amount of more than $ 723 million to Ukraine

The World Bank will provide financial assistance of $ 723 million to Ukraine. In this regard, the Bank’s Board of Executive Directors has approved the budget support. The World Bank says that this aid amount will help the people of Ukraine a lot.

 

The war between Russia and Ukraine continues. Whereas, the process of imposing sanctions on Russia by various countries, companies and institutions of the world continues. At the same time, people’s sympathy for Ukraine is increasing and various aids are being provided to Ukraine. In this episode, the World Bank has announced to approve a financial package of $ 723 million for Ukraine.

In a statement posted on its website, the global lender said the World Bank’s board of executive directors has approved a supplemental budget aid package for Ukraine. According to the statement, the package approved by the board includes a supplementary loan for $350 million and a guarantee of $139 million. It is also raising $134 million in grant funding and $100 million in parallel funding, resulting in a total raised support of $723 million.

Ukrainian people will get help
The rapid disbursement of support will help the government provide vital services to the Ukrainian people, including wages for hospital workers, pensions for the elderly and social programs for vulnerable people, the statement said. It added that initial World Bank support was extended with 80 million euros ($89 million) from the Netherlands and $50 million in guarantees from Sweden.

MDTF established
The World Bank further stated that it has also created a Multi-Donor Trust Fund (MDTF) to facilitate channeling grant resources from donors to Ukraine, with contributions from the United Kingdom, Denmark, Latvia, Lithuania and Iceland in the amount of $134 million. installed so far.

World Bank is taking action
In addition, Japan is adding $100 million in parallel financing to the support package. David Malpass, president of the global lender, said in a statement that the World Bank Group is taking swift action to support Ukraine and its people due to the violence and extreme disruption caused by Russian aggression.

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