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| Ukraine's energy infrastructure suffered $11 billion in damage last year. (Source:in-cyprus) |
The information was released ahead of a roundtable on the Ukraine issue within the framework of the Spring Meetings of the World Bank (WB) and the International Monetary Fund (IMF).
The World Bank said more than 50% of Ukraine's energy infrastructure has been severely damaged, with the eastern part of the country particularly affected.
The funding is provided by the Ukraine Aid, Recovery, Reconstruction and Reform Trust Fund (URTF), which aims to secure an additional $300 million from partners as it expands the project.
The World Bank's commitment will go toward urgent repairs to electricity and heating infrastructure.
Ukraine's energy infrastructure suffered $11 billion in damage last year and is one of the most important areas in need of urgent support, said Anna Bjerde, a senior director at the World Bank.
The World Bank has mobilized more than $23 billion in funding for Ukraine since Russia began its special military operation in the country in February 2022. To date, $20 billion has been disbursed.
World Bank President David Malpass said that financial institutions are ready to contribute to Ukraine's post-conflict reconstruction, but more support from Western countries is needed.
“The two financial institutions, the World Bank and the IMF, played an important role in rebuilding the European steel industry after World War II and are ready to play a similar role in supporting Ukraine’s reconstruction,” said Mr. Malpass.
The amount of money needed to revive the Ukrainian economy will be huge, up to 411 billion USD - according to calculations by the World Bank, the United Nations, the European Commission and Ukraine.
The above figure, according to the WB President, is 2.6 times higher than Ukraine's Gross Domestic Product (GDP) in 2022 and increased compared to the estimated 349 billion USD given in September 2022.
Also related to financial aid for Ukraine, on April 13, Swiss Foreign Minister Ignazio Cassis announced that the country will provide an additional aid package worth 1.5 billion Francs (1.68 billion USD) to Ukraine, by 2028 at the latest.
Together with the 300 million franc aid package for 2023-2024, the total value of aid that the country provides to Ukraine in 2028 will reach 1.8 billion francs.
Previously, the Bern government provided 1.03 billion francs to support about 75,000 Ukrainians seeking asylum in the country.
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