Prime Minister Denys Shmyhal announced the agreement of a $350 million loan package with the World Bank on June 25.
“The money will be spent on economic development during the (COVID-19) pandemic, social assistance for vulnerable elements of the population, and the strengthening of state institutions,” Shmyhal wrote on his Telegram channel.
The agreement was signed by Senior World Bank Portfolio Manager in Ukraine Klavdiya Maksymenko and Finance Minister Serhiy Marchenko. Shmyhal attended the signing.
According to Shmyhal, the money will also help the government to realize reforms in the land and gas markets, as well as to strengthen the country’s credit system.
This agreement follows another loan of $90 million, which the World Bank gave in May 2021 to the Health Ministry of Ukraine to help finance the fight against the COVID-19 pandemic in the country.
In the same month, the organization also gave Ukraine a $200 million loan to improve the country’s higher education system.
“We are grateful that our partners at the World Bank are helping the Ukrainian people at this time,” Shmyhal said at the signing on June 25.
Before the latest loan, the World Bank’s investment portfolio in Ukraine already amounted to over $3 billion, and will reach $3.6 billion by the end of July.
