The bank said the loan was guaranteed by the Japanese government and formed an integral part of an international support package for Ukraine to meet its financing needs this year.
"The lending operation will support three main areas of government reforms to mitigate the impacts of Russia’s invasion," the bank said in a statement on Thursday.
"First, it will help to address the needs of the newly poor and displaced because of the war by providing relief to households. Second, it will support reforms to enhance the transparency and accountability of public resources expenditures. Third, it will help markets to function better during and after the war."
'Ukraine has shown immense resilience'
The bank's Regional Vice President for Europe and Central Asia, Antonella Bassani, said the World Bank "has worked relentlessly with the international donor community" since Russia invaded Ukraine in February last year "to provide emergency financing that is helping the Government of Ukraine keep kids in school, hospitals open, and ensure basic government functions."
Bassani added that Ukraine "has shown immense resilience in the face of Russia’s invasion" and commended the government in Kyiv "for taking on difficult reforms during a war, with an eye to its future and the long-term development gains of the country."
'Support to help Ukraine recover'
The World Bank "will continue its unwavering support to help Ukraine recover and rebuild an even stronger economy," she declared.
Russia invaded Ukraine on February 24, 2022, launching the largest military campaign in Europe since World War II.
Friday is day 492 of Russia’s war on Ukraine.
(gs)
Source: PAP, worldbank.org