World Bank to provide $4.8 bln loan to Ukraine

Ukraine will receive a $4.8 billion loan from the World Bank, the country's Finance Ministry said on November 22.

"Ukraine will receive $4.8 billion from the United States and other development partners through the World Bank's PEACE in Ukraine project", - stated in the Telegram-channel.

It is specified that the corresponding loan agreement was signed by Ukrainian Finance Minister Serhiy Marchenko and the World Bank's Operations Manager for Eastern Europe Kevin Tomlinson.

The report notes that Kiev expects to receive funding in the near future in order to direct it to priority social expenditures.

Earlier, on November 13, it was reported that Ukraine received a $1.35bn grant from the US government. According to Ukrainian Prime Minister Denys Shmygal, the US government sent the funding through the United States Agency for International Development (USAID) and in coordination with the country's Ministry of Finance and State Department.

Prior to that, on November 9, the Ukrainian Finance Ministry said that the Ukrainian authorities will receive about $1.37 billion as a grant from the World Bank as part of a project to support public spending on sustainable governance in the country.

Western countries have stepped up military and financial support for Ukraine amid Russia's special operation to protect Donbas, which was announced by Russian President Vladimir Putin on 24 February 2022 after the situation in the region worsened due to shelling by the Ukrainian military.