Prime Minister of Ukraine Denys Shmyhal met with World Bank Vice President for Europe and Central Asia Antonella Bassani and International Finance Corporation Vice President Alfonso Garcia Mora.

During the meeting, the Ukraine Relief and Recovery Development Policy Loan was signed in the presence of the Prime Minister. The project provides for a USD 1.5 billion loan from the World Bank guaranteed by the Government of Japan.

According to Denys Shmyhal, the funds will be used to strengthen social protection and provide assistance to people during the war, as well as for economic recovery.

The World Bank Group also plans to mobilise more than USD 8 billion for new programmes in Ukraine. In particular, in the areas of agriculture and social policy. This was discussed during the meeting.

Among other things, the parties discussed the preparation of an updated assessment of Ukraine’s recovery needs (RDNA3), which will include, among other things, the damage caused by russia’s blowing up of the Kakhovka hydroelectric power plant. In addition, the IFC is preparing a programme to support small and medium-sized businesses in Ukraine.

The Prime Minister welcomed the reopening of the offices in Kyiv and praised the joint work under the Multi-Agency Donor Coordination Platform.

“We are grateful for the continued and significant assistance and look forward to continuing to work closely with the World Bank team in support of the Ukrainian people,” said Denys Shmyhal.

In total, the World Bank Group and partners have mobilised USD 34 billion in support of Ukraine. Of this amount, more than USD 22 billion has already been transferred to the budget.