Ukraine has received $1bn from Japan and the U.K. through the World Bank’s Growth Foundations Development Policy Loan (DPL) program, Prime Minister Denys Shmyhal announced on Dec. 24.
“The funds raised will be used to strengthen our economy and finance priority expenditures in the social and humanitarian spheres,” he said in a post on Telegram.
“We thank the World Bank, the governments of Japan and the United Kingdom for their significant support to Ukraine and their contribution to strengthening our resilience.”
Deputy Minister of Finance Olha Zykova previously highlighted how such loans bolsters Ukraine’s budget while also enhancing economic development by improving productivity, access to export markets, and implementing necessary reforms for European integration.
Ukraine’s recovery and reconstruction costs stemming from Russia’s full-scale invasion are estimated to be $486 billion, according to the World Bank’s assessment published on Feb. 15.
Russian cargo ship Ursa Major sinks in Mediterranean after explosion
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