The World Bank has announced the provision of additional $2.5 billion in grant funding to Ukraine as part of the Public Expenditure on Strengthening Administrative Capacity in Ukraine (PEACE) project.
The bankʼs release states that the funds will be provided by the United States Agency for International Development (USAID). They will be transferred to the Government of Ukraine after appropriate verification.
The grant will support the budget of Ukraine to finance basic services, functions and key sectors of the state in wartime conditions. These are health care, schools, pension payments, assistance to internally displaced persons, social assistance programs, and salaries for public sector employees.
- Since the beginning of the Russian invasion, the World Bank has already provided Ukraine with $20.6 billion in financial aid.
- The day before, the regional director of the World Bank, Arup Banerjee, said that the war pushed Ukraine back 15 years in terms of poverty. 8 million Ukrainians found themselves outside its borders.