The World Bank allocated $500 million to Ukraine for urgent needs

The World Bank announced that it has allocated an additional $500 million to Ukraine to finance the urgent needs caused by the full-scale invasion of the Russian Federation. The international financial organization’s press release reports about it.

Financing by the International Bank for Reconstruction and Development (IBRD), which is the main lending division of the bank, is supported by credit guarantees of $500 million from the UK, which were announced at the end of September.

According to the World Bank Group President David Malpass, the Russian invasion continues to cause massive destruction of Ukraine’s infrastructure just as winter is approaching, further endangering Ukrainian people.

“The new portion of financing disbursed today will be used to maintain essential government services,” he noted.

To date, the World Bank has mobilized $13 billion in emergency financing for Ukraine, including commitments and pledges from donors, of which $11.4 billion has been fully disbursed. The assistance has allowed Ukraine to continue providing essential government services to the population and helped ease the impacts of the widespread human and economic losses caused by the war.

In September 2022, the World Bank, the Ukrainian government, and the European Commission released an analysis of Ukraine’s reconstruction and recovery needs (RDNA) of Ukraine, which estimates the total cost to be $349 billion as of June 1, 2022. This figure is growing as the war continues.

According to the latest economic data of the World Bank, the economy of Ukraine will decrease by 35% this year.

As GMK Center reported earlier, National Bank of Ukraine improved its estimate of GDP decline in 2022 from 37.5% to 32% in the previous forecast. Inflation in 2022 will reach about 30%. In 2023, it will slow down to 20.8%, and in 2024 it will be lower than 10%, provided that security risks are expected to decrease, and monetary and fiscal policies are coordinated.

  • Companies

Thyssenkrupp will continue construction of a green steel plant

Thyssenkrupp is sticking to its plans to build a €3.5 billion green steel plant in…

Monday June 23, 2025
  • Global Market

Iron ore prices have been fluctuating within a narrow range since early June

As of June 20, 2025, September iron ore futures on the Dalian Commodity Exchange (DCE)…

Monday June 23, 2025
  • Industry

The UK will reduce electricity costs for industry

The UK will reduce green taxes for thousands of businesses to lower high energy costs…

Monday June 23, 2025
  • Companies

ArcelorMittal is investing €53 million in the modernization of blast furnace No. 1 in Fos-sur-Mer

Global mining and steel company ArcelorMittal has begun a large-scale modernization of blast furnace No.…

Monday June 23, 2025
  • Global Market

Malaysia extends duties on cold-rolled steel from China and Japan for another five years

Malaysia has decided to extend anti-dumping duties on imports of cold-rolled coils (CRC) wider than…

Monday June 23, 2025
  • Companies

POSCO accelerates sale of non-core businesses in China and Vietnam

South Korea's POSCO is accelerating the restructuring of its non-core overseas subsidiaries, continuing the sale…

Monday June 23, 2025