The World Bank has recently made the announcement of up to $530 million which would be made in supplemental funding for Ukraine to enable the embattled Nation to “meet urgent needs created by Russia’s invasion.”
The support, which would be coming in the form of a new loan from the International Bank for Reconstruction and Development, has also been guaranteed by Britain to the tune of $500 million, with Denmark also backing the remaining $30 million, the World Bank said in a statement on Friday.
“The toll of destruction, damage, and dislocation in Ukraine is staggering and continues to grow,” Anna Bjerde, the bank’s regional vice president for Europe and Central Asia, said in the statement.
“The Ukrainian people have a long road to recovery ahead and development partners will need to continue to pull together to support Ukraine’s reconstruction.”
Bjerde had also added that the World Bank would be estimating all the cost of reconstruction and recovery for Ukraine at $100 billion over the next three years, “a figure that is expected to grow as the war continues.”
The bank said it had already mobilized almost $13 billion in emergency funding for Ukraine, $11 billion of which had already been disbursed and also on Friday, the US Congress approved a new $12.3 billion aid package for Ukraine, including $3.7 billion in military equipment.
The new funding came on the same day Russian President Vladimir Putin formally announced the annexation of four Moscow-held areas of Ukraine.
The report detailed that the US Congress has granted the approval of $12.3 billion in aid Friday to aid Ukraine in its ongoing battle after its invasion by Russia as part of a stopgap spending bill that averts a chaotic government shutdown ahead of a midnight deadline.
The package includes $3 billion for arms, supplies and salaries for Ukraine’s military and authorizes President Joe Biden to direct the Pentagon to transfer $3.7 billion in weapons and other hardware to Ukraine.
The so-called ‘continuing resolution’ — passed by 230 votes to 201, with 10 Republicans joining the Democrats — also provides $4.5 billion for Kyiv to keep the country’s finances stable and keep the government running.