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World Bank to allocate $350 million to Ukraine to restore economy

Source : 112 Ukraine

The government plans to implement projects on the land market, continue reform of the gas sector and work on the lending market
13:47, 25 June 2021

The World Bank
Open source

Ukraine will get $350 million from the World Bank for restoration and development of the economy during the pandemic. The Cabinet of Ministers of Ukraine reported that, referring to the agreement concluded by Finance Minister Serhiy Marchenko and Senior Country Officer at the World Bank Klavdiya Maksymenko.

“A $350 million loan will be directed to the recovery and development of economy during the pandemic, to social support for vulnerable groups, as well as to strengthening of state institutions,” Prime Minister of Ukraine Denys Shmygal explained.

Related: Ukraine could get 600 mln euros of macrofinancial aid from EU, - official

Particularly, the government plans to implement projects on the land market, continue the reform of the gas sector and work on the lending market.

Last time, the World Bank approved the allocation of a $ 300 million loan to Ukraine to overcome the consequences of the Covid-19 pandemic and provide social support to the population at the end of 2020.

Related: Estonia to provide Ukraine with 1 million euros of humanitarian aid

Besides, the World Bank approved a $200 million project aiming for support to Ukraine’s government on the improvement of efficiency, quality, and transparency of the higher education system.

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