The World Bank announces increased assistance for Ukraine of US$530 million

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Last Updated on October 2, 2022 by Bitfinsider

Ukraine will get an additional US$530 million in support from the World Bank to “address urgent demands precipitated by Russia’s invasion,” according to the World Bank.

The assistance will come in the shape of a fresh loan from the International Bank for Reconstruction and Development, which will be backed to the tune of $500 million by Britain and $30 million by Denmark, according to a statement released by the World Bank on Friday (Sep 30).

According to Bjerde’s citation of World Bank projections, Ukraine will spend $100 billion over the next three years on rehabilitation and recovery efforts, “a sum that is projected to rise as the war continues.”

The bank claimed that about US$13 billion in emergency funds for Ukraine had already been mobilized, of which US$11 billion had been distributed.

Also on Friday, a fresh US$12.3 billion aid package for Ukraine was authorized by the US Congress, including US$3.7 billion in military hardware.

The extra money was announced on the same day that four regions of Ukraine held by Moscow were legally annexed by Russia by President Vladimir Putin.

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