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Monday, August 21, 2017

Ukraine to receive up to $2 billion in World Bank aid

The World Bank agreed on Thursday to provide Ukraine with up to $2 billion in support to reform the nation's financial system.

Most of this support will be used to improve infrastructure and fuel the health care sector. The aid complements other international support, including funds from the International Monetary Fund.

“We hope that today’s 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,” World Bank Group President Jim Yong Kim said. “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. It is vital that Ukraine undertakes comprehensive reforms quickly.”

The bank has acted as a long-term development partner with Ukraine, focusing on infrastructure, such as the water supply, power and roads.

Organizations in this story

International Monetary Fund 700 19th Street, N.W., Washington, D.C. - 20431

The World Bank 1818 H St NW Washington, DC - 20433

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