World Bank disburses additional $500M to Ukraine

The World Bank said it had disbursed an additional $500 million to help Ukraine meet urgent spending needs created by Russia's February 24 invasion and the ongoing war, Report informs via Reuters.

The financing by the International Bank for Reconstruction and Development, the bank's main lending arm, was supported by $500 million in loan guarantees from Britain that were announced on September 30, the bank said.

“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 in a statement.

“The new portion of financing disbursed today will be used to maintain essential government services. We stand firmly to support the Ukrainian people as they face this unparalleled crisis.”

The World Bank has mobilized a total of $13 billion in emergency financing for Ukraine, of which $11.4 billion has been fully disbursed.

Russia's invasion caused over $97 billion in direct damages to Ukraine through June 1, but it could cost nearly $350 billion to rebuild the country, the World Bank, Ukrainian government and the European Commission said in a report released in September.