Ukraine signs an agreement with the World Bank worth USD 500 million under the guarantee of the United Kingdom

On June 21, Prime Minister of Ukraine Denys Shmyhal and World Bank Managing Director for Operations Anna Bjerde signed an agreement to attract additional loan financing in the amount of USD 500 million under the guarantee of the United Kingdom. The agreement was signed on the sidelines of the Ukraine Recovery Conference in London.

The signing ceremony was attended by the Minister of Finance of Ukraine Sergii Marchenko and the World Bank's Director for Ukraine, Belarus and Moldova, Europe and Central Asia Arup Banerji.

These funds are part of the fifth additional financing of the project Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE in Ukraine) and will allow attracting additional loan financing from the World Bank (under the guarantee of the United Kingdom) in the amount of USD 500 million. The total amount of funds guaranteed by the UK under the PEACE project is USD 2 billion. 

"We are grateful to the UK Government and the World Bank team for their long-standing cooperation and crucial financial support. These funds are yet another significant contribution to maintaining economic and financial stability in Ukraine. This will allow us to continue to pay wages to civil workers, social and pension payments, and medical services under the medical guarantee program," said Minister of Finance of Ukraine Sergii Marchenko.

The loan will be directed to pay wages of employees of state bodies of the non-defense sector, including the State Emergency Service of Ukraine, employees of budgetary institutions of the educational sector (pedagogical staff and employees of higher education institutions), monthly pension payments and payments under certain state social assistance programs, as well as to pay for medical services under the medical guarantees program.