Ukraine receives $1.5 billion in loans from World Bank

Nate Ostiller, The Kyiv Independent news desk
·1 min read

Ukraine received $1.5 billion in loans from the World Bank, the Finance Ministry said on March 29.

The loan, backed by guarantees from Japan and the U.K., was provided through the World Bank Trust Fund (Advance Ukraine). In total, Japan guaranteed $984 million, and the U.K. guaranteed $516 million.

"The funds raised will be used to support the state budget of Ukraine and economic recovery, as well as to finance the prioritized social and humanitarian expenditures of the state budget," said Finance Minister Serhii Marchenko earlier in the week.

Ukraine's recovery and reconstruction costs stemming from Russia's full-scale invasion are estimated to be $486 billion, according to the World Bank's assessment in February 2024.

As of March 1, the World Bank "has mobilized over $41 billion in financial support to Ukraine, of which nearly $35 billion has been disbursed to date."

Read also: World Bank to disburse $500 million for Ukrainian businesses in 2024

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