Ukraine has secured $200 million in grant financing for budget support from Norway under the World Bank project

Ukraine has attracted USD 200 million in grant financing under the World Bank’s PEACE in Ukraine project (“Public Expenditures for Administrative Capacity Endurance”).

The funds were provided by Norway to the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF) and have already been credited to the general fund of the State Budget of Ukraine.

The financing will be directed toward reimbursing old age social payments, which remain a key priority of the State Budget under martial law.

“I am grateful to the World Bank and the Government of Norway for this grant support. Thanks to the assistance of our international partners, Ukraine is able to maintain macro-financial stability and ensure the financing of priority budget needs. Since 2022, Norway has provided Ukraine with over USD 700 million in grant assistance under the PEACE project. Overall, within the project, Ukraine has received USD 13.4 billion in budget support from donors and partners to cover old age social payments,” said Minister of Finance of Ukraine Sergii Marchenko.

The PEACE in Ukraine project was launched in June 2022 in response to russia’s full-scale invasion and the urgent need to ensure the country’s financial stability. Its objective is to support the Government of Ukraine in delivering core public functions at the national and regional levels, including financing public sector wages, healthcare services, old age social payments, and social assistance programs.

Under the project, Ukraine mobilizes both loan and grant resources, including those backed by development partner guarantees. The total amount of financing mobilized under the PEACE project amounts to nearly USD 52 billion.