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The World Bank mobilizes +$700 million in Ukraine funding

The World Bank Group is taking quick actions to assist Ukraine and its people. The World Bank Board of Executive Directors approved $723 million in emergency financing for Ukraine on Monday.

The Financing of Recovery from Economic Emergency in Ukraine – or FREE Ukraine – support package aims to assist the government in providing critical services to the people of Ukraine in the face of an invasion by Moscow’s troops.

The funding will help Kyiv with critical initiatives such as providing pensions to elderly citizens, paying healthcare workers, and assisting Ukraine’s most vulnerable populations.

“The World Bank Group taking quick actions to assist Ukraine and its people in the face of the violence and extreme disruption caused by the Russian invasion,” said World Bank President David Malpass in a press release.

“The World Bank Group is united in its support for the people of Ukraine and the region.” This is the first of many steps we are taking to help address the crisis’s far-reaching human and economic consequences.”

The World Bank is preparing an additional $3 billion in aid for the country in the coming months, and the organization also intends to assist states accepting refugees fleeing clashes in Ukraine.

According to the United Nations Refugee Agency, over 1.7 million people crossed Ukraine’s borders to seek refuge in neighbouring countries on Monday.

“Medium and long-term support will be required for the provision of public services, both for refugee and host communities, as well as for refugee labour market access,” according to a World Bank press release.

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