World Bank provides US$530 mn for Ukraine

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World Bank provides US$530 mn for Ukraine

The World Bank has announced US $530 million in supplemental funding for Ukraine to meet urgent needs created by Russia's invasion. The aid from the International Bank for Reconstruction and Development will be provided in Britain to the tune of US $500 million, with Denmark backing the remaining US $30 million in Ukraine. The toll of destruction, damage, and dislocation in Ukraine continues to grow, Anna Bjerde, the bank's regional vice president for Europe and Central Asia, said in a statement on Friday.

There is a long road to recovery ahead for the Ukrainian people and development partners will need to work together to support Ukraine's reconstruction. Over the next three years, the cost of reconstruction and recovery for Ukraine is estimated to be US $100 billion, a figure that is expected to grow as the war continues, according to Bjerde. The bank said almost US $13 billion had already been mobilised for emergency funding in Ukraine, US $11 billion of which had already been disbursed.

On Friday, the US Congress approved a new US $12.3 billion aid package for Ukraine, including US $3.7 billion in military equipment.

The Russian president Vladimir Putin announced the annexation of four Moscow-held areas of Ukraine on the same day.