World Bank Approves $720 Million Loan and Grant Support for Ukraine

[Image source=AP Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] The World Bank (WB) has approved a loan and grant package worth $723 million (approximately 892.3 billion KRW) for Ukraine.

According to CNN, on the 7th (local time), the World Bank announced in a statement that it would provide a $723 million loan and grant package to Ukraine, which includes a $350 million loan and guarantees worth $139 million provided by the Netherlands and Sweden.

In addition to these countries, the United Kingdom, Denmark, Latvia, Lithuania, and Iceland have pledged support funds totaling $134 million, and Japan is also reported to have contributed financial support worth $100 million. The World Bank added that it is working to implement an additional $3 billion package of promised support to Ukraine within a few months.

The World Bank emphasized, "The support funds are expected to be delivered to Ukraine within days, and quickly disbursing the funds will help the Ukrainian government," adding, "This will enable the government to maintain critical functions such as paying medical staff salaries, covering pension funds, and continuing social programs."

This content was produced with the assistance of AI translation services.