The World Bank announces new funding for Ukraine of $530 million

According to a statement from the World Bank, Britain is guaranteeing the assistance in the form of a fresh loan from the International Bank for Reconstruction and Development to the tune of $500 million, with Denmark providing the remaining $30 million.

Ukraine will get $530 million in additional money 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.

According to the bank’s regional vice president for Europe and Central Asia, Anna Bjerde, “the toll of destruction, damage, and dislocation in Ukraine is enormous and continues to escalate.”

“The Ukrainian people’s road to recovery will be a long one, and development partners will need to maintain collaborating to support Ukraine’s reconstruction.”

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

According to the bank, over $13 billion in emergency money for Ukraine has already been mobilised, $11 billion of which has already been distributed.

A fresh $12.3 billion aid package for Ukraine, which includes $3.7 billion in military hardware, was also approved by the US Congress on Friday.

On the same day that the annexation of four Ukrainian regions held by Moscow was formally proclaimed, further money was pledged by Russian President Vladimir Putin.