World Bank provides $1.5b for 3 projects in Ukraine

Tags: World Bank, News
The World Bank today approved nearly $1.5 billion in financing for three projects in Ukraine to help the embattled country undertake critical reforms and build infrastructure.

The new projects are funded as part of a $27 billion aid package promised by the international community to Ukraine as it struggles with deep economic and political crises.

The World Bank announced in March that it aims to provide Ukraine as much as $3.5 billion by year-end. Its sister institution, the International Monetary Fund, is planning $17 billion dollars in aid over the next two years.

"We are stepping up our assistance to Ukraine because we want to help improve the lives of people in the country and to achieve economic recovery at a crucial time," the president of the World Bank, Jim Yong Kim, said in a statement.

"The Ukrainian authorities have developed a comprehensive program of reforms, which they are committed to undertake with support from the World Bank."

In the face of pro-Russian separatist movements in the eastern part of the country, Ukraine's economy is expected to shrink 5.0 per cent in 2014, according to the IMF.

Roughly half of the World Bank's new financing announced Thursday -- $750 million -- is to support "high-priority" reform measures, including efforts to fight corruption in the public sector and the reform of "inefficient and inequitable utility subsidies" while protecting the poor, the Bank said.

The Washington-based institution also will provide $382 million to support improvements in heating energy efficiency and $350 million to fund upgrades of water and solid waste services.

The new investments brings the World Bank's current lending portfolio to Ukraine to $3.39 billion.

EDITORIAL OF THE DAY

  • Public musn’t pay for domestic servants for our diplomats

    Nothing seems to have changed in the year and half since the fur that flew thick and fast over the case of diplomat Debjani Khobragade and her maid Sa

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

Economic integration in east Asia

As trade agreements within a global framework have become increasingly ...

Rajgopal Nidamboor

Up the ante of your conscious existence

It sounds cryptic, but is not as complex as it ...

Gautam Gupta

The ‘fake’ issue needs to be taken seriously

E-commerce players are witnessing unbelievable growth globally. Competition is increasing ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture