World Bank sends $1.5 billion to Ukraine

Kiev is also expecting another $2 billion from Japan following the latest payment guaranteed by Tokyo

The World Bank has transferred $1.5 billion to Kiev via the Advancing Needed Credit Enhancement for Ukraine Trust Fund, the Ukrainian Finance Ministry announced on Thursday.   

“The funds raised will be directed towards economic recovery and strengthening social security for the population,” Finance Minister Sergey Marchenko was quoted as saying.   

The transfer was carried out under guarantee from the Japanese government.   

“I am grateful for the continuous support of Ukraine by the Japanese government during their presidency in the G7, as well as the World Bank team,” Marchenko added.   

The ministry noted that since the launch of Russia’s military operation against its neighbor, Kiev has received more than $581 million in financial aid through the Japan International Cooperation Agency. 

According to the ministry, the Ukrainian authorities expect to receive another $2 billion from Tokyo for direct budget support by means of the World Bank’s ADVANCE fund.   

READ MORE: EU refuses to subsidize Ukrainian grain exports – Reuters

Last week, the Washington-based institution said it would mobilize additional aid of $1.76 billion to the conflict-torn nation. The funds will reportedly be allocated for state salaries and pension payments, as well as support for the most vulnerable groups of the Ukrainian population.

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