The World Bank announced on Monday (Oct. 24) that it had provided an additional $500 million to assist Ukraine in meeting its immediate spending demands brought on by Russia's invasion on Feb. 24 and the ongoing conflict.
The loan guarantees from Britain, which were disclosed on September 30, totaled $500 million and supported the funding by the International Bank for Reconstruction and Development, the bank's main lending arm, according to the bank.
It occurs just ahead of a recovery conference that will be held in Berlin on Tuesday and where CEOs, development specialists, and national leaders will discuss how to restore Ukraine following Russia's invasion, which is now in its ninth month.
The goal of the International Expert Conference is to demonstrate that the international community is unified and determined in its support of Ukraine and will continue to do so as Ukraine moves toward EU membership and beyond. It also conveys the idea that, given the magnitude of the problem at hand, the recovery effort must involve both the public and commercial sectors of all relevant international partners.
The event will be inaugurated by EU Commission President Ursula von der Leyen and Federal Chancellor Olaf Scholz. Volodymyr Zelensky, the president of Ukraine, will deliver the keynote address.
The International Expert Conference is a crucial next step in a series of global actions that show the world is standing by Ukraine in the face of Russia's unlawful and unprovoked war of aggression. The incident confirms the dedication to aiding Ukraine's rehabilitation. It occurs within a larger G7 setting and expands on the conversations held in Lugano as well as in other places.
As support takes shape, the knowledge produced by the International Expert Conference's outcomes will be incorporated into already-established formats like the annual Ukraine Recovery/Reform Conferences, as well as bilateral, European, and multilateral discussions with Ukrainian institutions and internationally.
"The Russian invasion continues to cause massive destruction of Ukraine's infrastructure - including water, sanitation, and electricity networks - just as winter is approaching, further endangering Ukrainian people," World Bank Group President David Malpass said.
"The new portion of financing disbursed today will be used to maintain essential government services. We stand firm to support the Ukrainian people as they face this unparalleled crisis."
A total of $13 billion in emergency financing has been raised by the World Bank for Ukraine, of which $11.4 billion has been fully disbursed. Russia's invasion cost Ukraine around US$97 billion in direct damages as of June 1; however, the World Bank, the Ukrainian government, and the European Commission estimated that it might take close to $350 billion to restore the nation.
