- The World Bank announced on Wednesday a grant of $200 million toward repairing Ukraine’s energy infrastructure, as officials from the war-torn country met with financial institution leaders in Washington.
- Janet Yellen urged allies and partners to maintain economic support for Ukraine, praising Kyiv for anticorruption efforts in the country.
The World Bank announced on Wednesday a grant of $200 million toward repairing Ukraine’s energy infrastructure, as officials from the war-torn country met with financial institution leaders in Washington. Russia damaged more than 50 per cent of Ukraine’s power infrastructure in attacks on its neighbour over the autumn and winter months, the global lender said in a statement. It noted that Ukraine’s East, where fighting was fiercest, had been brutally hit.
The Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund provided the funds, with a goal of up to $300 million in additional funding from partners “as the project expands its scope,” the Bank said. The project will target emergency repairs to electricity and heating infrastructure. The World Bank Managing Director of Operations, Anna Bjerde, said: “Energy infrastructure has suffered $11 billion in damages over the last year and is one of the most critical areas where Ukraine needs urgent support”.
The World Bank has mobilised over $23 billion in financing for Ukraine since Russia invaded in February last year, with $20 billion disbursed. The announcement came just ahead of a roundtable on Ukraine at the headquarters of the International Monetary Fund, held during the crisis lender’s spring meetings. During the event, Ukrainian President Volodymyr Zelensky thanked partners via video link for their support and urged further backing. US Treasury Secretary Janet Yellen urged allies and partners to maintain economic support for Ukraine, praising Kyiv for anticorruption efforts in a country that has for years suffered endemic graft. She said, “Your commitment to ensuring that international assistance is being used responsibly is essential.”