Ukraine says it will receive $1.5B loan from World Bank under Japanese guarantee

ISTANBUL

Ukraine on Thursday announced that it will receive a loan from the World Bank in the amount of $1.5 billion, which it said would be received “under the guarantee of the Government of Japan.”

“The relevant agreement was just signed by the World Bank and the Ministry of Finance during our meeting with the Vice President of the World Bank, Antonella Bassani. The funds are intended to strengthen social protection and provide assistance to people during the war and to restore the economy,” Ukrainian Prime Minister Denys Shmyhal said on Telegram.

Shmyhal revealed that the World Bank Group has so far mobilized $34 billion to assist Ukraine, of which more than $22 billion has already been delivered to the country's budget.

“We are especially grateful for the largest PEACE in Ukraine investment project in the (World) Bank's history, which helps finance social benefits and pensions. We appreciate our close cooperation and look forward to further joint projects for the recovery and development of Ukraine,” Shmyhal further said.

Shmyhal later gave details concerning his meeting with Bassani, saying that the World Bank Group plans to mobilize more than $8 billion for new programs in Ukraine, particularly in agriculture and social policy.

“We are grateful for the constant and important assistance and look forward to further close cooperation with the World Bank team for the sake of supporting Ukrainians,” he added.​​​​​​​