World Bank approves $ 200 million for additional funding to Ukraine

Washington — The World Bank added nearly $ 200 million on Monday to strengthen Ukraine’s support for vulnerable people as Russian troops have continued their biggest attacks on European nations since World War II. Approved reprogrammed financing.

The funding is part of the $ 3 billion support package that the World Bank is competing to reach Ukraine and its people in the coming weeks, in addition to the $ 723 million approved last week.

World Bank Governor David Malpass said at a virtual event hosted by The Washington Post that banks hope to complete a $ 3 billion package within six to eight weeks.

“The scale is astronomical,” he said of Ukraine’s needs, adding that reconstruction efforts include highways, bridges and other major infrastructure.

“That’s worth tens of billions of dollars,” he said.

Mr Malpas said banks were offering “as much cash as possible” to support Ukraine. He also said he is working on a specific project to help Ukrainians currently living in Poland and elsewhere under a $ 3 billion package.

“Now we are focusing on … how to help those who are currently under attack.”

Malpas later met with Poland’s Minister of Economy, Piotr Nowak, saying that the World Bank is working on the influx of Ukrainian refugees and is ready to support Poland through financing and advisory services.

According to the World Bank, the two leaders also discussed the impact of Russia’s invasion of Ukraine on the world economy. These include vulnerabilities associated with food inflation, anxiety and rising energy prices.

Separately, Austria said it had provided € 10 million ($ 11 million) to a multi-donor trust fund established by the World Bank to promote grant-in-aid for aid from donors to Ukraine. According to the bank, this brought the total amount of the fund to $ 145 million.

By Andrea Shalal and David Lawder