The World Bank said on Monday, October 24 that it has disbursed an additional $500 million to assist the Ukraine in meeting its urgent expenditure requirements resulting from Russia’s invasion on February 24 and the ongoing war.
The International Bank for Reconstruction and Development, the bank’s primary lending arm, received $500 million in loan guarantees from the United Kingdom, which were disclosed on September 30.
It occurs on the eve of a recovery conference that will be held in Berlin on Tuesday, October 25, when national leaders, development specialists, and CEOs will debate how to restore Ukraine following Russia’s invasion, which is now in its ninth month.
President of the World Bank Group David Malpass stated in a statement, “The Russian invasion continues to wreak huge devastation to Ukraine’s infrastructure, including water, sanitation, and electrical networks, just as winter approaches, further jeopardizing the Ukrainian people.”
“The newly distributed share of funding will be utilized to sustain key government services. We stand completely behind the Ukrainian people during this unprecedented situation.”
The World Bank has raised a total of $13 billion in emergency funding for Ukraine, of which $11.4 billion has been disbursed in full.
In a September assessment, the World Bank, the Ukrainian government, and the European Commission estimated that rebuilding Ukraine might cost up to $350 billion. Russia’s invasion of Ukraine caused about $97 billion in direct losses to the nation until June 1.
Moscow has referred to its activities as a special military operation to purge radicals from its neighbor.