Thursday, May 22, 2014
World Bank Approves $1.5 Billion in Development Projects for Ukraine
Fri., May 23, 2014
The World Bank on Thursday approved $1.5 billion in funding for three Ukraine development projects as part of a larger international financing package, The Wall Street Journal reported. "We are stepping up our assistance to Ukraine because we want to help improve the lives of people in the country and to achieve economic recovery at a crucial time," World Bank President Jim Yong Kim said in a statement. In March, the bank said it planned to provide more than $3 billion in financing by the end of the year, including up to a $1 billion in budget support. The aid would help supplement a broader emergency support package Western nations are cobbling together to help stabilize a Ukrainian economy nearing default. The aid includes a $750 million loan to the government, $382 million to improve energy efficiency and $350 million to upgrade water utilities.