World Bank to allocate Ukraine $2 billion this year
The World Bank will offer $2 billion in financial assistance to conflict-stricken Ukraine this year, World Bank President Jim Yong Kim said in a statement on Thursday.
“Today I am announcing that the World Bank is ready to commit up to $2 billion in 2015, supporting the people of Ukraine in the face of current economic, financial, and geopolitical challenges,” Kim said.
A statement on the aid has been posted on the Web site of the World Bank, which is one of Ukraine’s major creditors. The funds will be spent on social projects, reforms of energy and banking sectors, combatting corruption and improving the country’s business climate.
“We hope that agreement in Minsk and the IMF’s agreement with Ukraine will pave the way for a more stable economic and development environment to benefit the people of Ukraine,” Kim said.
As reported by the bank, the program offered to Ukraine will also cover the reform of intergovernmental fiscal relations and a number of infrastructure investment projects.
"As one of the most important and long-term partners of Ukraine, the World Bank will continue to implement investment and budget support projects, the volume of which has already reached a total of $4.5 billion," the statement reads.
It also emphasizes that since Ukraine joined the World Bank in 1992, 45 investment projects worth a total of $9 billion have been implemented in the country.