Economy

The US will provide the largest contribution to the World Bank’s $10bn fund for Ukraine

The World Bank will set up a special financial trust fund for Ukraine, the size of which will be at least $10bn, with the United States as the main donor. The decision has already been approved by the World Bank’s Board of Directors, Prime Minister Denys Shmyhal said, according to "Komersant Ukrainian"

“The Board of Directors of the World Bank has approved the establishment of a special financial trust fund for Ukraine. The size of this fund will be at least $10bn,” Shmyhal said.

The main donors will be the United States and several other countries, and the size of the fund may be increased in the future when other donors join it.

The fund will primarily be used to support the budget – for salaries and social expenditures, as well as for critical recovery needs.

The new fund, which will be managed by the World Bank, will help fulfil the G7’s promise to provide Ukraine with up to $50 billion in additional financing by the end of the year under the frozen asset guarantee programme.

The World Bank has appointed Bob Sohm as Regional Director for Eastern Europe, based in Kyiv, to lead the Bank’s programmes in Ukraine and Moldova, effective 1 July.

Sohm leads the Bank’s engagement with governments, stakeholders and partners in these countries. He will oversee the implementation and delivery of portfolio and knowledge products, and will work closely with IFC and MIGA to strengthen the Bank’s engagement with the private sector.

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