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World Bank announces additional $1.75bln in aid for Ukraine

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Washington: The World Bank announced Wednesday $1.75 billion in additional financial aid for Ukraine.

“The World Bank Group announced today $1.75 billion in additional support for Ukraine. The financing is composed of a $500 million World Bank loan guaranteed by the United Kingdom, a $1.25 billion grant from the United States, and a $15 million grant from the Government of Finland,” the Bank said in a press release on the website.

The Bank added that the new support package was a part of the Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) Project, aimed at helping Kiev sustain critical service delivery capacity and core government functions at multiple levels, including healthcare, education, payment of pensions, social assistance programs, and wages for employees.

“This steady international support is essential to helping Ukraine meet its staggering financing needs in 2023 … Together with our partners, we will continue to stand by the Ukrainian people, supporting them with all our financial instruments and advice,” World Bank Managing Director Anna Bjerde was quoted as saying.

The Bank’s total aid to Ukraine has now approached nearly $35 billion in emergency financing, the release said.

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