Olga Zykova: Through the World Bank’s URTF, Ukraine has already mobilized $2.4 billion in grant support for recovery and sustainable development over the past three years

As part of the IMF and World Bank Annual Meetings in Washington, D.C., a meeting of the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF) Partnership Council took place, co-chaired by the Government of Ukraine and the World Bank.

The session was opened by World Bank Vice President for Europe and Central Asia Antonella Bassani, and co-chaired by World Bank Regional Director for Eastern Europe Bob Saum and Deputy Minister of Finance of Ukraine Olga Zykova.

The meeting gathered current URTF Partnership Council members, including representatives from Austria, Belgium, Canada, Iceland, Indonesia, Ireland, Japan, Republic of Korea, Latvia, Lithuania, the Netherlands, New Zealand, Norway, Sweden, Switzerland, the United Kingdon, and the United States, as well as invited observers - Denmark, Estonia, Finland, France, Germany, Italy, and Poland.  

During the session, representatives of the Ministry of Finance, the World Bank, and donor countries discussed the progress in program implementation and the trust fund’s  priorities for the next phase of its work in Ukraine.

Deputy Finance Minister Olga Zykova expressed gratitude to the World Bank and partners for their continuous support and emphasized that URTF assistance is helping Ukraine restore destroyed infrastructure and allowing Ukrainians to rebuild their lives.

“The URTF’s support remains a critically important instrument for Ukraine. Over the past three years, donor contributions have been effectively used to address the country’s most urgent needs. With the help of URTF, the World Bank, and our development partners, the Government of Ukraine is able to maintain core state functions, implement recovery projects, support vulnerable groups, and advance reforms aligning our systems with EU standards - an essential part of our EU accession path. We highly appreciate the support of all donors and look forward to deepening our cooperation with the World Bank Group,” said Olga Zykova.

URTF grant financing is directed to repair critical infrastructure, ensure sustainable healthcare services, support vulnerable populations, maintain education in frontline areas, restore homes damaged by russian attacks, provide power supply, and assist farmers.

Funds are allocated through twelve World Bank projects: PEACE, REPOWER, RELINC, HOPE, HEAL, ARISE, RISE, THRIVE, LEARN, SURGE, DRIVE, and PREPARE PPF.

As of October 2025, after almost three years of cooperation, the World Bank has mobilized USD 2.4 billion through the URTF for Ukraine’s recovery, of which USD 1.4 billion has already been disbursed as grants.

In 2025 alone, additional USD 182 million in grant financing was mobilized under three existing projects (REPOWER, HEAL, ARISE) and USD 54.3 million for new ones (DRIVE, PREPARE PPF).

URTF-supported projects have already reached millions of Ukrainians, including:

• 111 thousand households (over 300 thousand people) compensated for war-damaged homes (HOPE project);
• 3.5 million people regained electricity supply and 1.5 million regained heating through emergency equipment deliveries (REPOWER project);
• 5.6 million people received subsidized medicines under the “Affordable Medicines Program”; 6.4 million doses of essential vaccinations were provided to children, and 670 thousand people underwent a course in physical rehabilitation;
• More than 12 thousand farmers accessed affordable financing under the “5-7-9” program; 55 thousand small farmers received grants (ARISE project);
• More than 13 million Ukrainians benefitted from the Government being able to maintain its core services (PEACE project);
• 18 thousand children in remote areas gained access to free transportation to schools, and nearly 400 thousand students received new textbooks aligned with the New Ukrainian School reform (LEARN project).

URTF has also played a vital role in supporting public investment management reform by providing early-stage technical assistance and contributing to reforms in education, finance, transport, healthcare, SME support, and fiscal management through the Programme-for-Results (PforR) instrument.

During the review of the URTF’s activities, participants discussed potential ways to attract additional donor financing for Ukraine’s energy sector.

“We are already facing intensified attacks on our energy system. As long as the war continues, all domestic resources are focused on defense and security. Therefore, we count on strengthened partner support to ensure the resilience of our energy sector,” emphasized Olga Zykova.