The World Bank has approved a $723 million emergency financing package of loans and grants for Ukraine as it fights Russia’s invasion, it said in a statement, APA reports citing CNN.
The package includes a $350 million loan supplement to a prior World Bank loan.
The bank also promised to work on creating another $3 billion dollar support package for Ukraine to be rolled out “in the coming months.” In its statement, it said it would provide additional support for Ukraine’s neighbours as they take in more than 1.7 million refugees,.
“The World Bank Group stands with the people of Ukraine and the region,” said World Bank President David Malpass in the statement. “This is the first of many steps we are taking to help address the far-reaching human and economic impacts of this crisis.”
