World Bank announces $2.5 bn added financing for Ukraine

Washington: The World Bank announced Friday an added $2.5 billion in financing for Ukraine, aimed at supporting essential services and core government functions as war rages in the country.

The funding comes a year after Russia’s invasion, and the development lender has mobilized more than $20.6 billion in emergency financing for Ukraine to date.

“One year into Russia’s invasion of Ukraine, the world continues to witness the horrific destruction inflicted on the country and its people,” said World Bank President David Malpass in a statement.

The funds are provided by the United States Agency for International Development and will be transmitted to Ukraine’s government after verification of eligible expenses by the bank.

“We will continue supporting the people of Ukraine through urgent repair projects and coordination with the government for recovery and reconstruction efforts,” said Malpass.

The World Bank added in its announcement that the financing it facilitates for public expenses in Ukraine is “structured to help minimize the risk of corruption.”

On Friday, Ukrainian President Volodymyr Zelensky vowed to do everything to defeat Russia this year, on the anniversary of Europe’s largest conflict since World War II.

The United States has ramped up sanctions on Moscow, this time targeting the country’s banks, military industry and semiconductor access, while the Group of Seven industrialized nations threatened embargo busters with “severe costs.”

The first German-made Leopard battle tanks also arrived in Ukraine, while Poland is expected to send more tanks soon as well.

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