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Wednesday, February 28, 2024

World Bank approves $610 mln financial package to address Ukraine’s urgent needs

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The World Bank issued a release announcing that it has approved a new $610 million financial package for Ukraine that includes projects to boost the country’s recovery efforts.

The World Bank said $500 million will be mobilized under the Public Expenditures for Administrative Capacity Endurance (PEACE) project and $110 million will go toward the Health Enhancement and Life-Saving (HEAL Ukraine) project, the release said on Tuesday.

The $500 million for the PEACE Project will help the government of Ukraine with expenditures for families and children, salaries for public employees and to cover utility payments, the release said.

The new financing package contributes to several previously announced packages for the PEACE Project, including a $4.5 billion grant that was approved in November, the release added.

The HEAL Ukraine Project seeks to improve and strengthen the country’s primary health care, address the increased demand for mental health and rehabilitation services, restore and strengthen services delivery in hospitals and support capacity building for key health care institutions, according to the release.

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