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ECONOMY

Thu 13 Apr 2023 5:01 pm - Jerusalem Time

The World Bank announces the allocation of 200 million dollars to repair the infrastructure of energy facilities in Ukraine

The World Bank announced the allocation of financial assistance of $200 million to repair the infrastructure of energy facilities in Ukraine, during a meeting between Ukrainian officials and leaders of the Financial Authority in Washington.


A World Bank statement said that Russia had destroyed more than 50 percent of Ukraine's energy infrastructure in attacks launched during the fall and winter months.


The World Bank noted that eastern Ukraine, where the fighting is intense, has been badly affected.


The money will be provided by the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund, with an additional $300 million in financing sought from partners "as the project scales".


The project will target emergency repairs to the electricity and heating infrastructure.


Anna Berdy, Managing Director of Operations at the World Bank, spoke of losses of $11 billion in energy infrastructure over the past year, noting that the sector is one of the sectors in which Ukraine most needs "urgent support."


The World Bank has allocated more than 23 billion dollars to Ukraine since the start of the Russian invasion of its lands in February of last year, of which 20 billion has been spent so far.


On Wednesday in Washington, a meeting of Ukraine's main supporters was held at the headquarters of the International Monetary Fund, in the presence of Ukrainian Prime Minister Denis Shmyhal, in which Ukrainian President Volodymyr Zelensky and a number of the country's partners participated via the Internet.


The International Monetary Fund announced that it had reached an agreement on March 21 with the Ukrainian government regarding a four-year assistance plan worth $15.6 billion, knowing that it still requires approval by the fund's board of directors.


Zelensky thanked his country's supporters and stressed the need not to reduce their aid.


He said, "By rebuilding what was destroyed by the enemy's terrorist target, we will return to a normal life," calling for the use of frozen Russian assets in Western countries in the reconstruction of Ukraine.


A study conducted by the World Bank, the United Nations, the European Union, and the Ukrainian government stated on March 22 that Ukraine will need $411 billion for its recovery and reconstruction, noting that the amount is likely to rise given that the conflict is still ongoing.

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The World Bank announces the allocation of 200 million dollars to repair the infrastructure of energy facilities in Ukraine

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