Ukraine has received a $4.8 billion loan from the World Bank under the PEACE project, aimed at supporting social expenses, Prime Minister Denys Shmyhal announced on Nov. 27.
"We are very grateful to the United States and the development partners who are financing assistance under the PEACE project," Shmyhal shared on X.
The loan comes as Ukraine continues to face economic challenges due to the ongoing Russian invasion. The World Bank's assistance has been vital in helping the country navigate this crisis.
The Public Expenditures for Administrative Capacity Endurance (PEACE) project provides crucial funding for pensions, salaries of teachers and first responders, and aid for internally displaced persons (IDPs).
"We thank the World Bank for its continued commitment and active support of initiatives that strengthen Ukraine," Shmyhal added.
The loan agreement was signed on Nov. 22 by Finance Minister Serhii Marchenko and the World Bank's Eastern Europe Operations Manager, Kevin Tomlinson.
Since the start of the invasion, approximately $35.5 billion has been provided through the PEACE project to cover Ukraine's social expenditures, according to the Finance Ministry.
