The World Bank says it has approved more than $700 in emergency support for Ukraine.
Dubbed FREE Ukraine, it includes nearly $500 million in loans and guarantees and $134 million in grants, with Japan promising another $100 million in financing.
The aid is meant to help the Ukrainian government pay wages of hospital workers, pensions and other social programs. Bundling the aid into a package is intended to streamline and speed the provision of the funding, the World Bank said in a statement.
“The World Bank Group stands with the people of Ukraine and the region,” World Bank President David Malpass said. “This is the first of many steps we are taking to help address the far-reaching human and economic impacts of this crisis.”
The World Bank also said it is preparing a $3 billion package of support for Ukraine and the region to help it cope with the flood of displaced people fleeing the fighting.
