On Monday, the World Bank said its executive board has approved a $723 million loan package and grants for Ukraine.
The move is aimed at providing desperately cash to the Ukrainian government to support its budget even as it battles the Russian invasion.
“The package includes a $350 million loan supplement to a prior World Bank loan, augmented by about $139 million through guarantees from the Netherlands and Sweden,” said the World Bank in a statement.
The amount also includes $134 million in grants from Britain, Denmark, Latvia, Lithuania and Iceland as part of a trust fund that will continue to take in grant contributions on behalf of Ukraine.
Japan is providing parallel financing to the tune of $100 million.
These funds will be transferred to the Ukraine’s government in the next few days, said a spokesperson for the World Bank.
Incidentally, these funds from the World Bank do not carry any restrictions on their usage.
“The World Bank Group is taking quick action to support Ukraine and its people in the face of the violence and extreme disruption caused by the Russian invasion,” said World Bank President David Malpass.
He went on to add, “The World Bank Group stands with the people of Ukraine and the region. This is the first of many steps we are taking to help address the far-reaching human and economic impacts of this crisis.”
The World Bank also said, it was continuing to work on an additional $3 billion package to support Ukraine in the coming months as well as additional support for neighboring countries that are taking in Ukrainian refugees.