Ukraine will receive approximately $1.37 billion in grant funding through the World Bank’s PEACE in Ukraine project, according to the Ministry of Finance of Ukraine.
The PEACE in Ukraine project is a World Bank initiative that provides financial support to Ukraine’s state budget, specifically targeting social and humanitarian expenditures not related to security and defense.
Since Russia’s full-scale invasion, the PEACE in Ukraine project has facilitated nearly $28 billion and over €1.4 billion ($1,5 bn) in budget support.
The ministry reports that Finance Minister Serhii Marchenko and World Bank Regional Director for Eastern Europe Bob Som signed the grant agreement on 8 November.
According to the ministry statement, the PEACE in Ukraine project aims to partially compensate state budget expenditures, particularly social and humanitarian costs not related to security and defense.
The funding package consists of two components, according to the Ministry of Finance:
- A $1.35 billion grant from the United States
- €10.8 million ($11,8 mn) from the Multi-Donor Trust Fund co-financing the Second Development Policy Loan for Ukraine’s Economic Recovery Program
The funds will reportedly be transferred to the state budget in the coming days.
The World Bank announced an additional $750 million support package for Ukraine on 8 November. These funds will be allocated through the Support for Reforms and Good Fiscal Management (SURGE) project to support institutional reforms necessary for EU accession.
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