The World Bank will provide Ukraine with $150 million as part of the global COVAX initiative created to fight the global COVID-19 pandemic.
Ukraine’s Ministry of Finance made the announcement after a meeting between the Ukrainian minister of Finance Serhiy Marchenko and World Bank director for Belarus, Moldova, and Ukraine, Arup Banerji.
These funds will be available by December 2021.
On May 11, the World Bank approved a separate $90 million loan to bolster Ukraine’s health sector, help buy COVID-19 vaccines and improve vaccine storage and logistics.
The Ministry of Finance also got $350 million from the COVAX initiative in July, to help stabilize the economy after the pandemic shock.
Under the program, Ukraine has already received over 1 million doses of Pfizer vaccines, more than 1 million doses of AstraZeneca vaccines and over 2 million doses of Moderna vaccines which were donated by the U.S.
The Ministry and the World Bank also discussed reforms in the financial and banking sectors, as well as the bank’s support for Ukraine’s “green transition” towards generating a bigger share of electricity from renewable sources. The total loan amount has yet to be finalized.
