The World Bank has approved $1 billion for Ukraine with the support of the United Kingdom, the British government said.
London announced a new $1 billion financial-support package for Ukraine. According to the U.K. government, the decision will help mobilize more than $4 billion in additional financing.
The funds will go toward supporting the operation of hospitals, schools and other public services. The financing is also intended to help attract private investment, support economic growth and create jobs.
“We are supporting Ukraine so the country can keep functioning, the lights stay on in hospitals, and teachers are paid,” U.K. Deputy Prime Minister David Lammy said.
He noted that this is the largest component of U.K. budget support for Ukraine since the beginning of 2022.
Under the new package, $500 million will go to a $3.35 billion World Bank project designed to support reforms and attract investment. Another $500 million will be allocated to an $880 million social-protection program, which is also co-financed by Japan and Germany.
Since the start of the program, the United Kingdom has committed to providing guarantees for World Bank loans to Ukraine totaling $5 billion.
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