World Bank provides $200 million in additional funds to Ukraine

World Bank President David Malpass speaks during a news conference during the World Bank Group and IMF Spring Meetings in Washington, U.S., April 11, 2019. REUTERS/James Lawler Duggan/File Photo

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WASHINGTON, March 14 (Reuters) – The World Bank on Monday approved nearly $200 million in additional and reprogrammed funding to bolster Ukraine’s support for vulnerable people as Russian forces continue the biggest attack on a European state ever. since World War II.

The funding comes on top of the $723 million approved last week and is part of a $3 billion package of support the World Bank is rushing to provide to Ukraine and its people in the weeks to come. to come.

World Bank President David Malpass told a virtual event hosted by The Washington Post that the bank hoped to finalize the $3 billion package within six to eight weeks.

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“The magnitudes are astronomical,” he said of Ukraine’s needs, adding that the reconstruction effort would involve highways, bridges and other major infrastructure.

“That’s tens of billions of dollars,” he said.

To help Ukraine now, the bank was bringing “as much money as possible”, Malpass said. He said he was also working on specific projects to help Ukrainians, some of whom now live in Poland and elsewhere, under the $3 billion package.

“Our immediate focus right now…is how do we help people who are under attack right now?”

Malpass then met with Polish Economy Minister Piotr Nowak and told him the World Bank stands ready to support Poland through financing and advisory services as it grapples with an influx of Ukrainian refugees. .

The two leaders also discussed the impact of Russia’s invasion of Ukraine on the global economy, including vulnerabilities related to inflation and food insecurity and soaring energy prices, said the World Bank.

Separately, he said Austria had provided 10 million euros ($11 million) to a multi-donor trust fund set up by the World Bank to help channel donor grants to Ukraine. This brought the total amount of the fund to $145 million, the bank said.

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Reporting by Andrea Shalal and David Lawder; Editing by Tim Ahmann

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