Last Update: April 13, 2023, 03:52 AM IST
The project will target emergency repairs to electricity and heating infrastructure. (file photo)
According to the World Bank, Russia damaged more than 50 percent of Ukraine’s electricity infrastructure in attacks on neighboring countries in the autumn and winter months.
The World Bank on Wednesday announced a $200 million grant to repair Ukraine’s energy infrastructure, as officials from the war-torn country met with the financial institution’s leaders in Washington.
Russia damaged more than 50 percent of Ukraine’s electricity infrastructure in attacks on its neighbors in the autumn and winter months, the global lender said in a statement.
It said the eastern part of Ukraine, where fierce fighting is ongoing, has been particularly badly affected.
The bank said the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF) provided the money to “expand the scope of the project”, with the goal of up to $300 million in additional funding from partners.
The project will target emergency repairs to electricity and heating infrastructure.
“Energy infrastructure suffered losses of $11 billion last year and is one of the most important areas where Ukraine urgently needs support,” said World Bank Managing Director Anna Bjerde.
The World Bank has mobilized more than $23 billion in funding for Ukraine since Russia’s invasion last February, with $20 billion already disbursed.
The announcement came just before a roundtable on Ukraine at the headquarters of the International Monetary Fund (IMF) held during the crisis lender’s spring meetings.
During the event, Ukrainian President Volodymyr Zelensky thanked the partners via videolink for their support and urged further support.
“By rebuilding what has been destroyed, we defeat the goal of terror, we return normal life,” he said in English, reiterating the call for Russian assets to be put towards Ukraine’s reconstruction.
The IMF announced on March 31 that it had approved a $15.6 billion support package for Ukraine, part of a $115 billion total support package to fund debt relief, grants and loans by multilateral and bilateral institutions. Are included.
– ‘Victory to Civilization’ –
IMF chief Kristalina Georgieva praised Ukraine’s resilience in the face of the invasion, telling the meeting that the country’s repair, economic activity and functioning government demonstrated “the victory of civilization over evil”.
However, according to a recent study by the World Bank, the United Nations, the European Commission and Ukraine, Ukraine will need an estimated $411 billion for recovery and reconstruction.
This amount is higher than the $349 billion estimated in September and is only likely to increase as the conflict continues.
The study estimates that Ukraine will need $14 billion in significant spending in 2023.
Ukrainian Prime Minister Denis Shmygal, who attended the IMF meeting in person, urged allies to freeze the still-needed $11 billion in financing.
Shmygal said, “It is the number one priority for my country to bring a minimum level of social and humanitarian services to the people.”
US Treasury Secretary Janet Yellen urged allies and partners to maintain economic support for Ukraine, praising Kiev for its anti-corruption efforts in a country that has for years faced endemic corruption.
“Your commitment to ensuring that international aid is used responsibly is essential,” she said.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
