World Bank mobilises additional $530mn to support Ukraine as territories annexed by Russia

World Bank on Oct 1, Saturday anunced an ditional $530 million in aid to support Ukraine as Moscow annexed four of its regions, as well as to cover essential "public services such as health, education, and social protection." In a statement, World Bank ted that  IBRD financing was supported by timely loan guarantees provided by  UK— an estimated $500 million— and Denmark, approximately $30 million. funding was mobilised under  Public Expenditures for ministrative Capacity Endurance in Ukraine (PEACE) Project in order to "urgently" meet Ukraine's war needs, bank stressed. 

" toll of destruction, dam, and dislocation in Ukraine is staggering and continues to grow," said Anna Bjerde, World Bank regional vice president for Europe and Central Asia.

" Ukrainian people have a long ro to recovery ahe and development partners will need to continue to pull toger to support Ukraine’s reconstruction," she continued. 

World Bank's newly-approved aid will help Ukraine government's capacity, including provision of core public services such as health, education, and social protection amid ongoing hostilities with its neighbour that have wreaked widespre human lives toll, infrastructure dam, and lack of basic amenities such as drinking water, food and clothing.

"Support of international community so far has been impressive, and we are so grateful to people of United Kingdom and Kingdom of Denmark for ir continued assistance," said Bjerde.  latter reiterated that  Ukrainians have a long ro to recovery ahe of m as destruction caused by war is humongous.

A man walks past a damd building in Kyiv following a rocket attack. Credit: Associated Press

 " development partners will need to continue to pull toger to support Ukraine’s reconstruction," emphasised Bjerde, focusing on rebuilding war-torn country. To date, since Russia's President Vlimir Putin ordered what he called a "special military operation" in Ukraine in February,  World Bank has mobilised nearly $13 billion in emergency financing for Ukraine. This has included commitments and pledges from dors, of which $11 billion has been fully disbursed. 

“Our most recent analysis shows that  total long-term cost of reconstruction and recovery in Ukraine are ermous, with needs even for next three years totalling well over $100 billion, a figure that is expected to grow as war continues,” Arup Banerji, World Bank Regional Country Director for Eastern Europe, stressed. But he ted that Ukraine is focusing on immediate social needs and ensuring that urgent recovery and repairs are completed on priority. government has also been focused on ermous tasks around reconstruction.  

"We welcome  continuous generosity and commitment of international partners in ensuring that people of Ukraine can both survive this crisis and prosper in future," Banerji said. 

People look at gutted remains of Russian military vehicles on a ro in town of Bucha, close to capital Kyiv, Ukraine. Credit: Associated Press

Europe, US pledge more weapons for Kyiv 

Weapons leers from US and Europe earlier this week huddled to gar in Brussels and pledged more vanced weaponry for Kyiv's forces to launch counteroffensives as Moscow annexed four Ukrainian territories. Washington anunced in a statement, following meeting, that it will fund purchase of 18 new High Mobility Artillery Rocket Systems [HIMARS] and or weapons to counter Russia's superior air power and drones. This, arguably, would be more than double  number of launchers that will turn course of war.

new weapons were a part of  $1.1 billion pack for Ukraine military anunced by Pentagon this week.  HIMARS, stated Pentagon at summit, might take “a few years” to reach Kyiv. decision to supply more lethal weaponry followed after Putin called up 300,000 conscripts, and threatened to use  nuclear weapons, categorically stressing that he isn't "bluffing."