World Bank mobilises $720m for Ukraine

✔ Fact Checked by TDPel News Desk

By Pelumi Emmanuel

Published: March 8, 2022 | 10:56 AM

The World Bank has mobilised some 720 million dollars in loans and aid to help the Kiev government provide critical services for Ukrainian people amid Russia’s war on the country.

The bank’s board of executive directors has approved a supplemental budget support package including a supplemental loan for 350 million dollars and 139 million dollars in guarantees.

It is also mobilising grant financing of 134 million dollars and parallel financing of 100 million dollars, resulting to a total of 723 million dollars.

“The World Bank Group is taking quick action to support Ukraine and its people in the face of the violence and extreme disruption caused by the Russian invasion.

“This is the first of many steps we are taking to help address the far-reaching human and economic impacts of this crisis,” World Bank President, David Malpass, said.

The bank is preparing a 3 billion dollar support package for Ukraine in the coming months. (dpa/NAN)

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About Pelumi Emmanuel

Pelumi Emmanuel is an accomplished writer and journalist with over 15 years of experience in the industry. He is a passionate and dedicated professional who is committed to producing high-quality content that informs, engages, and entertains readers. Pelumi’s love for reading and writing is evident in his work, which has been read worldwide and has garnered him a loyal following. His journalistic expertise is matched only by his natural talent for storytelling, making his articles both informative and engaging. He lives in California, USA.